MIRA
INFORM REPORT
|
Report Date : |
28.08.2013 |
IDENTIFICATION DETAILS
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Name : |
TOYOTA TSUSHO KK |
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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) : |
31.03.2013 |
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Date of Incorporation : |
July 1948 |
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Com. Reg. No.: |
1800-01-031731 (Nagoya-Nakamuraku) |
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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. |
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No. of Employees : |
48,336 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 small agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. While self-sufficient in rice production, Japan imports about 60% of its food on a caloric basis. 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. Modest economic growth continued after 2000, but the economy has fallen into recession three times since 2008. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan 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 and the ensuing tsunami in March disrupted manufacturing. The economy has largely recovered in the two years since the disaster, but reconstruction in the Tohoku region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared the economy his government's top priority; he has pledged to reconsider his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus and regulatory reform and has said he will press the Bank of Japan to loosen monetary policy. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2012 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 2012. The new government will continue a longstanding debate 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 AND 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 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 6,304,354 M
PAYMENTS NO
COMPLAINTS CAPITAL Yen 64,936 M
TREND UP WORTH Yen 920,043 M
STARTED 1948 EMPLOYES 48,336
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 31/03/2014
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. Toyota Tsusho Group is comprised of 500 or
more subsidiaries and affiliated companies both at home and abroad.
(Recent
News):
1.
Toyota Tsusho plans to start producing hybrid
vehicle batteries in China through a joint venture as early as 2015. The firm will partner with a Chinese battery
maker in Hunan Province, joint venture Corun PEVE (China) Automotive Battery
Co, to be capitalized at Yen 5.21 million, will be headquartered in the city of
Changshu in Jiangsu Province, where Toyota has a development base for
next-generation eco-cars.
2.
Toyota Tsusho to make rare earths with State-owned
India firm. Toyota Tsusho will begin
joint production of rare-earth metals with a state-owned Indian company, Indian
Rare Earths Ltd, this autumn, planning to ship 4,000 tons a year t Japan, or
about 20% of the nation’s demand.
3.
Toyota Tsusho to invest in Indonesian Autoparts
giants. Toyota Tsusho will acquire 4.9%
of the outstanding shares in Indonesia’s largest Autoparts manufacture, PT
Astra Otoparts Tbk. The deal is valued
at around 886 billion Indonesian rupiah, or roughly Yen 9.3% billion. It will mark Toyota Tsusho’s first time
investing in an overseas parts maker.
The company will purchase the share from PT Astra International Tbk.
FINANCIAL INFORMATION
The sales volume for
Mar/2013 fiscal term amounted to Yen 6,304,353 million, a 6.6% up from Yen
5,916,759 million in the previous term.
The global economy was generally sluggish amid a protracted sovereign
debt crisis in Europe, slowdown in Chinese economic growth, and deceleration in
the US economy. However, Europe’s
financial sector stabilized, the Chinese economy has started t show signs of
gradual recovery, and the US economy is regaining momentum driven by household
sector recovery. Operating profits rose
25.4% attributable mainly to growth in gross profits. By Divisions, Metals up 2.3% to Yen 38,800
million; Machinery & Electronics up 2.4% to Yen 1,254,400 million;
Automotives up 16.9% to Yen 781,900 million; Energy & Chemicals up 16.5% to
Yen 1,324,800 million; Foodstuffs up 6.7% to Yen 290,200 million. The recurring profit was posted at Yen
124,814 million and the net profit at Yen 67,432 million, respectively,
compared with Yen 115,110 million recurring profit and Yen 66,205 million net
profit, respectively, a year ago.
(Apr/Jun/2013 results): Sales Yen 1,896,469 million (up 15.6%),
operating profit Yen 40,915 million (up 55.3%), recurring profit Yen 46,069
million (up 21.8%), net profit Yen 21,779 million (down 3.9%) (% compared with the corresponding period a
year ago).
For the current term ending Mar 2014 the recurring profit is projected
at Yen 162,000 million and the net profit at Yen 71,000 million, on a 19% rise
in turnover, to Yen 7,500 million.
Exports of vehicles and parts will grow, backed by increased automobile
production. Automobile production
facilities in North America and S/E Asia will expand. The conversion of a leading French trading
company to a subsidiary will also contribute to earnings. The company will easily absorb the downturn
in petroleum products, and operating profit will continue growing.
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 (19.8)
No.
of shareholders: 35,354
Listed on the S/Exchange (s) of: Tokyo, Nagoya
Managements: Junzo Shimizu,
ch; Yoshio Shirai, v ch; Jun Karube, pres Mikio Asano, v pres; Yasuhiko Yokoi,
v pres; Hiroki Sawayama, s/mgn dir; Takumi Shirai, mgn dir; Kuniaki Yamagiwa,
mgn dir; Soichiro Matsudaira, mgn dir; Takeshi Hattori, mgn dir; Yoshiki Miura,
mgn dir; Yuichi Oi, mgn dir; Hideki Yanase, 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 (27%): 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 (20%): 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 (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
(11%)
Overseas
Sales Ratio (60%):
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, Toyota Tsusho America, other.
Payment record: No Complaints
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
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2013 |
31/03/2012 |
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INCOME STATEMENT |
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Annual Sales |
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6,304,354 |
5,916,759 |
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Cost of Sales |
5,900,465 |
5,572,759 |
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GROSS PROFIT |
403,888 |
343,999 |
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Selling & Adm Costs |
288,013 |
251,596 |
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OPERATING PROFIT |
115,875 |
92,403 |
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Non-Operating P/L |
8,939 |
22,707 |
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RECURRING PROFIT |
124,814 |
115,110 |
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NET PROFIT |
67,432 |
66,205 |
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BALANCE SHEET |
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Cash |
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391,409 |
354,811 |
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Receivables |
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1,106,604 |
1,054,602 |
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Inventory |
|
593,155 |
406,546 |
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Securities, Marketable |
|
1,000 |
|||
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Other Current Assets |
202,983 |
160,015 |
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TOTAL CURRENT ASSETS |
2,294,151 |
1,976,974 |
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Property & Equipment |
445,370 |
353,042 |
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Intangibles |
|
364,729 |
112,560 |
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Investments, Other Fixed Assets |
488,118 |
394,852 |
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TOTAL ASSETS |
3,592,368 |
2,837,428 |
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Payables |
|
876,595 |
800,067 |
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Short-Term Bank Loans |
420,602 |
350,001 |
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Other Current Liabs |
467,875 |
337,138 |
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TOTAL CURRENT LIABS |
1,765,072 |
1,487,206 |
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Debentures |
|
65,000 |
85,000 |
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Long-Term Bank Loans |
727,244 |
444,521 |
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Reserve for Retirement Allw |
21,037 |
15,237 |
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Other Debts |
|
93,971 |
53,717 |
||
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TOTAL LIABILITIES |
2,672,324 |
2,085,681 |
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MINORITY INTERESTS |
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Common
stock |
64,936 |
64,936 |
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Additional
paid-in capital |
154,539 |
154,367 |
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Retained
earnings |
531,049 |
483,255 |
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Evaluation
p/l on investments/securities |
44,637 |
16,924 |
|||
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Others |
|
130,227 |
39,109 |
||
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Treasury
stock, at cost |
(5,345) |
(6,844) |
|||
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TOTAL S/HOLDERS` EQUITY |
920,043 |
751,747 |
|||
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TOTAL EQUITIES |
3,592,368 |
2,837,428 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2013 |
31/03/2012 |
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Cash
Flows from Operating Activities |
|
124,156 |
63,782 |
||
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Cash Flows
from Investment Activities |
-323,389 |
-58,771 |
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Cash
Flows from Financing Activities |
223,374 |
97,358 |
|||
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Cash,
Bank Deposits at the Term End |
|
391,352 |
354,755 |
||
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ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
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Net
Worth (S/Holders' Equity) |
920,043 |
751,747 |
||
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Current
Ratio (%) |
129.97 |
132.93 |
||
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Net
Worth Ratio (%) |
25.61 |
26.49 |
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Recurring
Profit Ratio (%) |
1.98 |
1.95 |
||
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Net Profit
Ratio (%) |
1.07 |
1.12 |
||
|
|
|
Return
On Equity (%) |
7.33 |
8.81 |
||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 65.66 |
|
|
1 |
Rs. 102.19 |
|
Euro |
1 |
Rs. 87.74 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.