MIRA
INFORM REPORT
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Report Date : |
13.04.2013 |
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) : |
31.03.2012 |
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Date of Incorporation : |
July, 1948 |
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Com. Reg. No.: |
1800-01-031731 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, export, wholesale of metals, machinery, vehicles, industrial materials, etc. |
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No. of Employees : |
36,061 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source : CIA |
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
URL: Error! Hyperlink reference not valid.
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 42)
OVERSEAS
Asia (32), Oceania
(3), Europe (15), Mid East (2), Africa (3), N America
(24), Central/South
America (7)
CHIEF EXEC
JUN KARUBE, PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 5,916,759 M
PAYMENTS REGULAR CAPITAL Yen 64,936 M
TREND UP WORTH Yen 751,747 M
STARTED 1948 EMPLOYES 36,061
COMMENT
GENERAL TRADING HOUSE AFFILIATED WITH TOYOTA MOTOR CORP.
FINANCIAL
SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
Unit: In Million
Yen
Forecast (or
estimated) figures for 31/03/2013 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. The company
reached an agreement with the Kenya government in Aug 2012 over automobile
production and infrastructure upgrade.
It will set up a subsidiary in Nairobi, and start market development in
east Africa. It obtained a 25% share in
a lithium firm in Argentina, and start production in 2014.
FINANCIAL INFORMATION
The sales volume
for Mar/2012 fiscal term amounted to Yen 5,916,759 million, a 3.0% up from Yen
5,743,649 million in the previous term.
Toyota Motor-related business recovered strongly in the first half. Impact from the Thailand floods also eased. Operating profits rose. By Divisions, Metals up 1.5% to Yen
1,655,300; Machinery & Electronics up 19.0% to Yen 1,224,500 million;
Automotives up 2.0% to Yen 668,800 million; Energy & Chemicals down 2.5% to
Yen 1,137,200 million; Foodstuffs up 6.9% to Yen 311,100 million. The recurring profit was posted at Yen
115,110 million and the net profit at Yen 66,205 million, respectively,
compared with Yen 104,218 million recurring profit and Yen 47,169 million net
profit, respectively, a year ago.
(Apr/Dec/2012
results): Sales Yen 4,706,749 million (up 9.9%), operating profit Yen 81,113
million (up 27.1%), recurring profit Yen 94,323 million (up 10.6%), net profit
Yen 58,495 million (up 21.3%) (%
compared with the corresponding period a year ago).
For the current
term ending Mar 2013 the recurring profit is projected at Yen 131,000 million
and the net profit at Yen 70,000 million, on an 11.5% rise in turnover, to Yen
6,600,000 million. Mainline steel
sheets and nonferrous metals sales are growing strongly, and exports of
automobile parts are reaching a high level, thanks to increased auto
production. Operating profits will rise,
backed by expanded business in petroleum products and construction machinery.
The financial
situation is considered FAIR to EXCELLENT and good for ORDINARY business
engagements.
REGISTRATION
Date Registered:
Jul 1948
Regd No.:
1800-01-031731
(Nagoya-Nakamuraku)
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 (5.3), Japan Trustee Services Bank (3.7), MUFG (2.2), Mitsui Sumitomo Ins
(1.6), Aioi Nissay Dowa Ins (1.1), Nippon Life Ins (1.1), Tokio Marine Nichido
Fire Ins (1.1); foreign owners (18.1)
No. of
shareholders: 36,841
Listed on the
S/Exchange (s) of: Tokyo, Nagoya
Managements: Junzo Shimizu, ch;
Jun Karube, pres Mikio Asano, v pres; Yasuhiko Yokoi, v pres; Hiroshi Takano,
s/mgn dir; Hiroki Sawayama, s/mgn dir; Tamio Shinozaki, s/mgn dir; Takuzo
Shirai, mgn dir; Kuniaki Yamagiwa, mgn dir; Soichiro Matsudaira, 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
(28%): 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 (26%): 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 (11%): passenger cars, commercial cars, light vehicles, trucks & buses,
automotive parts, other;
Energy &
Chemicals Division (19%): petroleum products & LPG, coal, petroleum
chemicals, synthetic resin, fat & oil products, chemical additives, natural
& synthetic rubbers, other;
Consumer Products,
Services & Materials Division (10%): 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 (6%)
Overseas Sales
Ratio (55.0%):
Clients: [Car makers, wholesalers,
other mfrs] Toyota Motor, Toyota Tsusho America, Toyota Steel Center, Crown
Motors, Denso Corp, Toyota Motor China, JX Nippon Oil & Minerals Corp,
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 (Nagoya)
SMBC (Nagoya)
Relations: Satisfactory
FINANCES
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2012 |
31/03/2011 |
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INCOME STATEMENT |
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Annual Sales |
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5,916,759 |
5,743,649 |
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Cost of Sales |
5,572,759 |
5,412,919 |
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GROSS PROFIT |
343,999 |
330,730 |
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Selling & Adm Costs |
251,596 |
245,432 |
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OPERATING PROFIT |
92,403 |
85,297 |
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Non-Operating P/L |
22,707 |
18,921 |
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RECURRING PROFIT |
115,110 |
104,218 |
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NET PROFIT |
66,205 |
47,169 |
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BALANCE SHEET |
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Cash |
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354,811 |
252,768 |
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Receivables |
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1,054,602 |
898,212 |
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Inventory |
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406,546 |
379,116 |
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Securities, Marketable |
10,000 |
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Other Current Assets |
151,015 |
142,849 |
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TOTAL CURRENT ASSETS |
1,976,974 |
1,672,945 |
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Property & Equipment |
353,042 |
272,513 |
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Intangibles |
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112,560 |
95,438 |
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Investments, Other Fixed Assets |
394,852 |
395,352 |
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TOTAL ASSETS |
2,837,428 |
2,436,248 |
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Payables |
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800,067 |
713,395 |
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Short-Term Bank Loans |
350,001 |
283,960 |
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Other Current Liabs |
337,138 |
277,766 |
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TOTAL CURRENT LIABS |
1,487,206 |
1,275,121 |
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Debentures |
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85,000 |
65,000 |
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Long-Term Bank Loans |
444,521 |
378,003 |
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Reserve for Retirement Allw |
15,237 |
14,447 |
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Other Debts |
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53,717 |
36,298 |
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TOTAL LIABILITIES |
2,085,681 |
1,768,869 |
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MINORITY INTERESTS |
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Common
stock |
64,936 |
64,936 |
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Additional
paid-in capital |
154,367 |
154,367 |
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Retained
earnings |
483,255 |
431,126 |
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Evaluation
p/l on investments/securities |
16,924 |
14,849 |
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Others |
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39,109 |
9,530 |
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Treasury
stock, at cost |
(6,844) |
(7,430) |
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TOTAL S/HOLDERS` EQUITY |
751,747 |
667,378 |
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TOTAL EQUITIES |
2,837,428 |
2,436,248 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2012 |
31/03/2011 |
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Cash
Flows from Operating Activities |
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63,782 |
79,884 |
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Cash
Flows from Investment Activities |
-58,771 |
-74,046 |
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Cash
Flows from Financing Activities |
97,358 |
77,751 |
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Cash,
Bank Deposits at the Term End |
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354,755 |
252,747 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2012 |
31/03/2011 |
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Net
Worth (S/Holders' Equity) |
751,747 |
667,378 |
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Current
Ratio (%) |
132.93 |
131.20 |
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Net
Worth Ratio (%) |
26.49 |
27.39 |
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Recurring
Profit Ratio (%) |
1.95 |
1.81 |
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Net
Profit Ratio (%) |
1.12 |
0.82 |
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Return
On Equity (%) |
8.81 |
7.07 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.54.44 |
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|
1 |
Rs.83.77 |
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Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.