MIRA INFORM REPORT

 

 

Report Date :

06.12.2012

 

IDENTIFICATION DETAILS

 

Name :

TOYOTA INDUSTRIES CORPORATION

 

 

Registered Office :

2-1 Toyodacho Kariya City Aichi-Pref 448-8671

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

November 1926

 

 

Com. Reg. No.:

Not Available 

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of automobiles, industrial vehicles, textile machinery

 

 

No. of Employees :

42,750

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

Payment Behaviour :

No Complaints

Litigation :

Clear

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

japan - ECONOMIC OVERVIEW

 

In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.

 

 

Source : CIA

 

 

 

Company name

 

TOYOTA INDUSTRIES CORPORATION

 

 

REGD NAME

 

KK Toyota Jido Shokki

 

 

MAIN OFFICE

 

2-1 Toyodacho Kariya City Aichi-Pref 448-8671 JAPAN

Tel: 0566-22-2511     Fax: 0566-27-5650    

 

URL:                             http://www.toyota.industries.com

E-Mail address:            (thru the URL)

 

 

ACTIVITIES

 

Mfg of automobiles, industrial vehicles, textile machinery

 

 

BRANCHES

 

Tokyo, Fukui, Chiba

 

 

OVERSEAS   

 

North America (13), Latin America (2), Europe (16), China (5), other

 

 

FACTORIES

 

Aichi (9); USA, India, France, China

 

CHIEF EXEC

 

TETSURO TOYODA, PRES

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES                    FAIR                             A/SALES          Yen 1,543,352 M

PAYMENTS                  No Complaints          CAPITAL           Yen 80,462 M

TREND             UP                    　         WORTH            Yen 1,197,841 M

STARTED         1          926                   　         EMPLOYES      42,750

 

 

COMMENT    

 

MFR OF AUTOMOBILES, TEXTILE MACHINERY, OTHER 

 

FINANCIAL SITUATION COSIDERED FAI AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

 

                        Unit: In Million Yen

Forecast figures for the 31/03/2013 fiscal term.

 

 

HIGHLIGHTS

 

This is the originated many Toyota Motor group firms.  Set up originally to produce automatic looms invented by founder Sakichi Toyoda.  Has 4 mainlines: textile machinery, forklifts, automobile assembly including commercial vehicles, and compressors.  Has production bases in US, China, France and India.  The company will establish a compressor parts plant in the US at a cost of Yen 28 billion and will start production of parts for automobile airconditioners in Sept 2013.  It will also boost the output capacity of electric compressors for eco-cars by up 50% at the plant in Kariya, Aichi-Pref in the Mar 2013 term.

 

FINANCIAL INFORMATION

 

The sales volume for Mar/2012 fiscal term amounted to Yen 1,543,352 million, a 4.3% up from Yen 1,479,839 million in the previous term.  The automobile industry showed a mild recovery due to an upturn in the US market and the expansion of the Asian market, in spite of a decline in sales in the Japanese market.  The recurring profit was posted at Yen 80,866 million and the net profit at Yen 58,594 million, respectively, compared with Yen 73,911 million recurring profit and Yen 47,205 million net profit, respectively, a year ago.

 

For the current term ending Mar 2013 the recurring profit is projected at Yen 93,000 million and the net profit at Yen 59,000 million, on a 6.9% rise in turnover, to Yen 1,650,000 million.  Sales in the automobile assembly business will bounce back, and those of compressors will be strong.  Operating profits will continue increasing, despite downturn of sales of forklifts.

 

The financial situation is considered FAIR and good for ORDINARY business engagements. 

 

 

REGISTRATION

 

Date Registered:　Nov 1926

Legal Status:      Limited Company (Kabushiki Kaisha

Authorized:       1,100 million shares

Issued:                326,840,540

Sum:                   Yen 80,462 million

 

Major shareholders (%): Toyota Motor (23.5), Denso Corp (9.5), Towa Real Estate (4.8), Company’s Treasury Stock (4.3), Master Trust Bank of Japan T (3.0), Toyota Tsusho (2.5), Japan Trustee Services T (2.2), Nippon Life Ins (2.0), Aisin Seiki (2.0), Third Avenue F Custodial Trust (1.9); foreign owners (20.4)

 

No. of shareholders: 18,063

 

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

 

Managements: Akira Imura, ch; Tetsuro Toyoda, pres; Kimpei Mitsuya, v pres; Tetsuo Agata, v pres; Chiaki Yamaguchi, v pres; Toshiyuki Sekimori, s/mgn dir; Kazuo Sasaki, s/mgn dir; Hirotaka Morishita, s/mgn dir; Shinya Furukaw, s/mgn dir; Akira Onishi, s/mgn dir; Masaharu Suzuki, s/mgn dir

 

Nothing detrimental is known as to the commercial morality of executives.

 

Related companies: Aichi Corp, Toyota Industries Europe, other.

 

 

OPERATION

           

Activities: Manufactures: automobile (52%), industrial vehicles (37%), distribution (5%), textile machinery (3%), others (3%).

           

Clients: [Mfrs, wholesalers] Toyota Motor, Toyota Tsusho Corp, other

            No. of accounts: 1,000

            Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Toyota Motor, Toyota Tsusho Corp, other

 

Payment record: No Complaints

 

Location: Business area in Kariya City, Aichi-Pref.  Office premises at the caption address are owned and maintained satisfactorily.

 

Bank References:

SMBC (Nagoya)

MUFG (Nagoya)

Relations: Satisfactory

 

 

FINANCES

(In Million Yen)

 

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2012

31/03/2011

INCOME STATEMENT

 

 

 

  Annual Sales

　

1,543,352

1,479,839

 

  Cost of Sales

1,301,617

1,250,313

 

      GROSS PROFIT

241,734

229,526

 

  Selling & Adm Costs

171,641

160,727

 

      OPERATING PROFIT

70,092

68,797

 

  Non-Operating P/L

10,774

5,114

 

      RECURRING PROFIT

80,866

73,911

　

      NET PROFIT

58,594

47,205

BALANCE SHEET

 

 

 

 

  Cash

　

274,710

198,684

 

  Receivables

 

195,391

152,121

 

  Inventory

 

116,446

104,261

 

  Securities, Marketable

92,249

132,430

 

  Other Current Assets

90,560

83,397

 

      TOTAL CURRENT ASSETS

769,356

670,893

 

  Property & Equipment

481,053

497,278

 

  Intangibles

 

106,777

79,340

 

  Investments, Other Fixed Assets

1,299,798

1,233,941

 

      TOTAL ASSETS

2,656,984

2,481,452

 

  Payables

 

168,465

144,956

 

  Short-Term Bank Loans

110,212

99,946

 

　

 

　

　

 

  Other Current Liabs

300,850

267,042

 

      TOTAL CURRENT LIABS

579,527

511,944

 

  Debentures

 

187,238

205,649

 

  Long-Term Bank Loans

249,183

236,602

 

  Reserve for Retirement Allw

48,973

46,924

 

  Other Debts

　

394,221

404,393

 

      TOTAL LIABILITIES

1,459,142

1,405,512

 

      MINORITY INTERESTS

 

 

 

Common stock

80,462

80,462

 

Additional paid-in capital

106,128

106,179

 

Retained earnings

455,042

412,029

 

Evaluation p/l on investments/securities

565,007

488,277

 

Others

 

41,468

39,695

 

Treasury stock, at cost

(50,266)

(50,703)

 

      TOTAL S/HOLDERS` EQUITY

1,197,841

1,075,939

　

      TOTAL EQUITIES

2,656,984

2,481,452

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2012

31/03/2011

 

Cash Flows from Operating Activities

　

101,718

153,661

 

Cash Flows from Investment Activities

-9,403

-187,574

 

Cash Flows from Financing Activities

10,279

-85,728

　

Cash, Bank Deposits at the Term End

　

296,811

195,566

ANALYTICAL RATIOS            Terms ending:

31/03/2012

31/03/2011

 

 

Net Worth (S/Holders' Equity)

1,197,841

1,075,939

 

 

Current Ratio (%)

132.76

131.05

 

 

Net Worth Ratio (%)

45.08

43.36

 

 

Recurring Profit Ratio (%)

5.24

4.99

 

 

Net Profit Ratio (%)

3.80

3.19

 

 

Return On Equity (%)

4.89

4.39

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.57

UK Pound

1

Rs.87.90

Euro

1

Rs.71.53

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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

----

NB

New Business

----

 

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%)

 

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