MIRA
INFORM REPORT
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Report Date : |
23.11.2013 |
IDENTIFICATION DETAILS
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Name : |
TOYOTA INDUSTRIES CORPORATION |
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Registered Office : |
2-1 Toyodacho Kariya City Aichi-Pref 448-8671 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
November, 1926 |
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Legal Form : |
Limited Company (Kabushiki Kaisha |
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Line of Business : |
Mfg of automobiles, industrial vehicles,
textile machinery |
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No. of Employees : |
47,693 |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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
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 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 1,615,244 M
PAYMENTS REGULAR CAPITAL Yen
80,462 M
TREND UP WORTH Yen 1,524,933 M
STARTED 1926 EMPLOYES 47,693
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 31/03/2014 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. It launched new models of weaving
machines for the first time in 10 years, and will emphasizing marketing of
those products in China and India.
FINANCIAL INFORMATION
The sales volume for Mar/2013 fiscal term amounted to Yen 1,615,233
million, a 4.7% up from Yen 1,543,352 million in the previous term. The recurring profit was posted at Yen 86,836
million and the net profit at Yen 53,119 million, respectively, compared with
Yen 80,866 million recurring profit and Yen 58,594 million net profit,
respectively, a year ago.
For the current term ending Mar 2014 the recurring profit is projected
at Yen 125,000 million and the net profit at Yen 578,000 million, on a 623.8%
rise in turnover, to Yen 2,000,000 million.
The newly acquired forklift subsidiary in US will make a contribution
for the full term.
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 (9.0), 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: 17,188
Listed on the S/Exchange (s) of: Tokyo
Managements: Tetsuro Toyoda,
ch; Kazunori Yoshida, v ch; Akira Onishi, pres; Chiaki Yamaguchi, v pres; Kazue
Sasaki, v pres; Yoji Morishita, v pres; Shin’ya Furukawa, s/mgn dir; Msaharu
Suzuki,s/mgn dir; Norio Sasaki, 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 (53%), industrial vehicles (37%), distribution (6%), textile
machinery (3%), others (2%).
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: Regular
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)
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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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1,615,244 |
1,543,352 |
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Cost
of Sales |
1,347,238 |
1,301,617 |
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GROSS
PROFIT |
268,006 |
241,734 |
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Selling
& Adm Costs |
190,908 |
171,641 |
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OPERATING
PROFIT |
77,098 |
77,092 |
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Non-Operating
P/L |
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RECURRING
PROFIT |
86,836 |
80,866 |
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NET
PROFIT |
53,119 |
58,594 |
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BALANCE SHEET |
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Cash |
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230,348 |
223,854 |
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Receivables |
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215,799 |
195,391 |
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Inventory |
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142,520 |
86,446 |
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Securities,
Marketable |
33,047 |
92,249 |
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Other
Current Assets |
158,803 |
171,416 |
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TOTAL
CURRENT ASSETS |
780,517 |
769,356 |
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Property
& Equipment |
549,814 |
481,053 |
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Intangibles |
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168,049 |
106,777 |
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Investments,
Other Fixed Assets |
1,745,399 |
1,299,798 |
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TOTAL
ASSETS |
3,243,779 |
2,656,984 |
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Payables |
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180,146 |
168,465 |
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Short-Term
Bank Loans |
183,920 |
110,212 |
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Other
Current Liabs |
295,029 |
300,850 |
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TOTAL
CURRENT LIABS |
659,095 |
579,527 |
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Debentures |
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213,584 |
187,238 |
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Long-Term
Bank Loans |
236,318 |
249,183 |
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Reserve
for Retirement Allw |
52,779 |
48,973 |
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Other
Debts |
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557,070 |
394,221 |
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TOTAL
LIABILITIES |
1,718,846 |
1,459,142 |
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MINORITY
INTERESTS |
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Common
stock |
80,462 |
80,462 |
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Additional
paid-in capital |
105,898 |
106,128 |
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Retained
earnings |
492,578 |
455,042 |
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Evaluation
p/l on investments/securities |
830,054 |
565,007 |
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Others |
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64,346 |
41,468 |
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Treasury
stock, at cost |
(48,405) |
(50,266) |
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TOTAL
S/HOLDERS` EQUITY |
1,524,933 |
1,197,841 |
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TOTAL
EQUITIES |
3,243,779 |
2,656,984 |
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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 |
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151,299 |
101,718 |
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Cash
Flows from Investment Activities |
-274,210 |
-9,403 |
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Cash
Flows from Financing Activities |
7,050 |
10,279 |
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Cash,
Bank Deposits at the Term End |
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179,359 |
296,811 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2013 |
31/03/2012 |
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Net
Worth (S/Holders' Equity) |
1,524,933 |
1,197,841 |
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Current
Ratio (%) |
118.42 |
132.76 |
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Net
Worth Ratio (%) |
47.01 |
45.08 |
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Recurring
Profit Ratio (%) |
5.38 |
5.24 |
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Net
Profit Ratio (%) |
3.29 |
3.80 |
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Return
On Equity (%) |
3.48 |
4.89 |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.02 |
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|
1 |
Rs.102.04 |
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Euro |
1 |
Rs.84.92 |
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 |
|
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.