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Report Date : |
10.10.2014 |
IDENTIFICATION DETAILS
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Name : |
TOYOTA TSUSHO
CORPORATION |
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Registered Office : |
Century |
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Country : |
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Financials (as on) : |
31.03.2014 (Consolidated) |
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Date of Incorporation : |
01.07.1948 |
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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 : |
Subject is a General Trading House specializing in Automobile-Related
Products, Steel, Machinery & Chemical Products. Subject operates
through following division:- Metals Division (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) Machinery &
Electronics Division (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) Automotive Division
(Passenger Cars, Commercial Cars, Light Vehicles, Trucks & Buses, Automotive Parts) Energy &
Chemicals Division (Petroleum Products & Lpg, Coal, Petroleum Chemicals, Synthetic Resin, Fat & Oil Products, Chemical Additives, Natural & Synthetic Rubbers) Consumer Products,
Services & Materials Division (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) |
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No of Employees : |
50,483 |
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 : |
Slow But Correct |
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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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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. Prime Minister Shinzo ABE
has declared the economy his government's top priority; he has overturned his
predecessor's plan to permanently close nuclear power plants and is pursuing an
economic revitalization agenda of fiscal stimulus, monetary easing, and
structural reform. Japan joined the Trans Pacific Partnership negotiations in
2013, a pact that would open Japan's economy to increased foreign competition
and create new export opportunities for Japanese businesses. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2013 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 is
exceeding 230% of GDP. To help raise government revenue and reduce public debt,
Japan decided in 2013 to gradually increase the consumption tax to a total of
10% by the year 2015. Japan is making progress on ending deflation due to a
weaker yen and higher energy costs, but reliance on exports to drive growth and
an aging, shrinking population pose other major long-term challenges for the
economy.
|
Source : CIA |
TOYOTA TSUSHO CORPORATION
Toyota Tsusho KK
Century Toyota
Bldg, 4-9-8 Meieki Nakamuraku Nagoya 400-8575 JAPAN
Tel:
052-584-5000 Fax: 052-584-5663
*.. The is its
Tokyo Office
Tokyo Head Office
3-13, Konan 2-chome, Minato-ku, Tokyo 108-8208, Japan
URL: http://www.toyota-tsusho.co.jp/
E-Mail address: info@toyota-tsusho.co.jp
Subject is a General Trading House specializing in Automobile-Related
Products, Steel, Machinery & Chemical Products.
Subject operates
through following division:-
Metals Division
(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)
Machinery &
Electronics Division
(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)
Automotive Division
(Passenger Cars, Commercial Cars, Light Vehicles, Trucks & Buses, Automotive Parts)
Energy &
Chemicals Division
(Petroleum Products & Lpg, Coal, Petroleum Chemicals, Synthetic Resin, Fat & Oil Products, Chemical Additives, Natural & Synthetic Rubbers)
Consumer Products,
Services & Materials Division
(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)
Tokyo,
Osaka, Toyoda, Kariya, Sendai, Niigata, Fukuoka, other (Tot 19)
Asia (32), Oceania (3), Europe (15), Mid East (2), Africa
(3), North America (24), Central/South America (7)
JUN
KARUBE, PRES
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES FAIR A/SALES Yen 7,743,237 M
PAYMENTSSlow But Correct CAPITAL Yen 64,936 M
TREND UP WORTH Yen 1,156,080 M
STARTED 1948 EMPLOYES 50,483
GENERAL TRADING HOUSE AFFILIATED WITH TOYOTA MOTOR
CORP.
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS
ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2011 |
5,743,649 |
104,218 |
47,169 |
(%) |
667,378 |
|
(Consolidated) |
31/03/2012 |
5,916,759 |
115,110 |
66,205 |
3.01 |
751,747 |
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|
31/03/2013 |
6,304,354 |
124,814 |
19,553 |
6.55 |
920,043 |
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31/03/2014 |
7,743,237 |
163,438 |
6,312 |
22.82 |
1,156,080 |
|
|
31/03/2015 |
8,600,000 |
177,000 |
80,000 |
11.06 |
.. |
Unit: In Million Yen
Forecast (or estimated) figures for 31/03/2015 fiscal term
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, Middle/East & Latin America.
Growing into comprehensive trading company with strong growth of
overseas trading. The company will
invest a glass materials mining and refining business in Malaysia, aiming to
expand glass materials supply sources.
It is building a natural gas thermal energy plant in North America, and
will start sales from 2016. On the
domestic market, it will advance into the hydrogen station business.
The sales volume for Mar/2014 fiscal term amounted to Yen 7,743,237
million, a 22.8% up from Yen 6,304,354 million in the previous term. The buyout of a French trading firm
contributed to sales. Automobile sales
expanded overseas, and trading in related parts was also robust. Sales of non-automobile products, including
chemicals and foods, also grew. The
recurring profit was posted at Yen 163,438 million and the net profit at Yen
73,034 million, respectively, compared with Yen 124,814 million recurring
profit and Yen 67,432 million net profit, respectively, a year ago.
For the current term ending Mar 2015 the recurring profit is projected
at Yen 177,000 million and the net profit at Yen 80,000 million, on an 11.1%
rise in turnover, to Yen 8,600,000 million.
Domestic automobile-related sales will inch down, but overseas sales
will continue growing.
The financial situation is considered FAIR to EXCELLENT and good for
ORDINARY business engagements.
Date Registered: 1 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 (5.2), Japan Trustee Services Bank (3.5), 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 (20.5)
No. of shareholders: 35,171
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
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 (21%): petroleum products & LPG, coal, petroleum chemicals, synthetic resin, fat & oil products, chemical additives, natural & synthetic rubbers, other;
Consumer Products, Services & Materials Division (11%): 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 (9%)
Overseas Sales Ratio (59%):
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: Slow But Correct
Location:
Business area in Nagoya. Office premises
at the caption address are leased and maintained satisfactorily.
Bank References:
MUFG
(Nagoya)
SMBC
(Nagoya)
Relations:
Satisfactory
(In Million Yen)
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2014 |
31/03/2013 |
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INCOME STATEMENT |
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Annual Sales |
|
7,743,237 |
6,304,354 |
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Cost of Sales |
7,160,738 |
5,900,465 |
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GROSS PROFIT |
582,498 |
403,888 |
|
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Selling & Adm Costs |
421,177 |
288,013 |
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OPERATING PROFIT |
161,321 |
115,875 |
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Non-Operating P/L |
2,117 |
8,939 |
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RECURRING PROFIT |
163,438 |
124,814 |
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NET PROFIT |
6,312 |
19,553 |
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BALANCE SHEET |
|
|
|
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Cash |
|
412,089 |
391,409 |
|
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Receivables |
|
1,268,331 |
1,106,604 |
|
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Inventory |
|
628,758 |
593,155 |
|
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Securities, Marketable |
|
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|
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Other Current Assets |
211,707 |
202,983 |
|
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TOTAL CURRENT ASSETS |
2,520,885 |
2,294,151 |
|
|
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Property & Equipment |
504,104 |
445,370 |
|
|
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Intangibles |
|
429,500 |
364,729 |
|
|
Investments, Other Fixed Assets |
618,239 |
488,118 |
|
|
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TOTAL ASSETS |
4,072,728 |
3,592,368 |
|
|
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Payables |
|
950,852 |
876,595 |
|
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Short-Term Bank Loans |
520,337 |
420,002 |
|
|
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|
|
|
|
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Other Current Liabs |
464,143 |
468,475 |
|
|
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TOTAL CURRENT LIABS |
1,935,332 |
1,765,072 |
|
|
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Debentures |
|
95,000 |
65,000 |
|
|
Long-Term Bank Loans |
720,813 |
727,244 |
|
|
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Reserve for Retirement Allw |
30,915 |
21,037 |
|
|
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Other Debts |
|
134,588 |
93,971 |
|
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TOTAL LIABILITIES |
2,916,648 |
2,672,324 |
|
|
|
MINORITY INTERESTS |
|
|
|
|
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Common
stock |
64,936 |
64,936 |
|
|
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Additional
paid-in capital |
154,781 |
154,539 |
|
|
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Retained
earnings |
584,591 |
531,049 |
|
|
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Evaluation
p/l on investments/securities |
78,553 |
44,637 |
|
|
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Others |
|
277,727 |
130,227 |
|
|
Treasury
stock, at cost |
(4,508) |
(5,345) |
|
|
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TOTAL S/HOLDERS` EQUITY |
1,156,080 |
920,043 |
|
|
|
TOTAL EQUITIES |
4,072,728 |
3,592,368 |
|
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CONSOLIDATED CASH FLOWS |
|
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||
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|
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Terms ending: |
31/03/2014 |
31/03/2013 |
|
|
Cash
Flows from Operating Activities |
|
133,937 |
124,156 |
|
|
Cash Flows
from Investment Activities |
-135,587 |
-323,389 |
|
|
|
Cash
Flows from Financing Activities |
5,356 |
223,374 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
412,032 |
391,352 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
|
|
Net
Worth (S/Holders' Equity) |
1,156,080 |
920,043 |
|
|
|
Current
Ratio (%) |
130.26 |
129.97 |
|
|
|
Net
Worth Ratio (%) |
28.39 |
25.61 |
|
|
|
Recurring
Profit Ratio (%) |
2.11 |
1.98 |
|
|
|
Net
Profit Ratio (%) |
0.08 |
0.31 |
|
|
|
Return
On Equity (%) |
0.55 |
2.13 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.04 |
|
UK Pound |
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.77.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
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|
Report Prepared
by : |
NIT |
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.