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Report No. : |
311278 |
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Report Date : |
25.03.2015 |
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) : |
31.03.2015 |
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Date of Incorporation : |
July 1948 |
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Com. Reg. No.: |
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 |
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No. of Employee : |
2,809 |
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 : |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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. 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.
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Source
: CIA |
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
Import,
export, wholesale of metals, machinery, vehicles, industrial materials.
Tokyo,
Osaka, Nagoya, Sendai, Niigata, Fukuoka, other (Total18 offices)
Asia (54), Oceania (3), Europe+CIS
(18), Mid East (5), Africa (10), N America (35), Central/South America (8)
JUN KARUBE, PRES
Junzo Shimizu, ch
Yoshio
Shirai, vp; Mikio Asano,s/mgn
dir Yasuhiko Yokoi, s/mgn
dir Kuniaki Yamagiwa, mgn dir;
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 7,743,237 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
64,936 M
TREND UP WORTH Yen 1,156,080 M
STARTED 1948 EMPLOYES 2,809
GENERAL
TRADING HOUSE AFFILIATED WITH TOYOTA MOTOR
CORP.
FINANCIAL SITUATION
COSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
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.
The sales volume for Mar/2013 fiscal term amounted to Yen
7,743,237 million, a 22.8% up from Yen 6,304,354 million in the previous term.
Although the economy of developed countries, especially US, have been showing
recovery trend, emerging market economies are suffering from capital outflows
followed by expectation / announcement of ending QE (Quantative Easing). Sales increased in all segments: Metals
Section up 7.9% to Yen 1,828,281 million due to higher automobile production
and weak Japanese Yen. Global Parts & Logistics Section up 12.7% to Yen
891,606 due to weak Yen. Automotives Section up 66% to Yen 1,298,042 million
due to the impact of newly consolidated affiliate in Asia and Africa as well as
weaker YEN. Machinery,Energy and Plant Project Unit up 21.8% to Yen 1,526,737
million due to volume increase of petroleum products as well as weaker YEN
impact. Chemical and Electronics unit up to 28.8% to Yen 1,706,508 due to newly
consolidated subsidiaries.
(Apr’13-
Mar’14 results): Sales Yen 7,743,237 million (up 22.8%), operating profit Yen
161,321 million (up 39.2%), recurring profit Yen 163,438 million (up 30.9%),
net profit Yen 73,034 million (up 8.3%)
(% Compared with the corresponding period 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 are expected. This would result in a
fifth consecutive year of increases in net sales and income. Main trigger of
higher sales/profits are due to continued growth of automobile production.
The financial
situation is considered FAIR to EXCELLENT and good
for ORDINARY business engagements. Max
credit limit is estimated at Yen 142,402 million, on 30 days normal terms.
Date
Registered: Jul 1948
Regd
No.: (Nagoya-Nakamuraku)
031731
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 (5.5), Japan Trustee Services Bank (4.0), MUFG (2.3),
Mitsui Sumitomo Ins (1.7), Aioi Ins (1.2), Tokio Marine Nichido Fire Ins (1.1),
SMBC (1.2),
Listed
on the S/Exchange (s) of: Tokyo, Nagoya
Nothing detrimental is known as to
the commercial morality of executives.
Activities: A
general trading house for import, export, wholesale operations:
(Sales Breakdown by Divisions):
Metals Division (24%):
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;
Global Parts and Logistics(11%): Component
parts for automotive production, Logistics business, tire and wheel assembly
business, techno park business,
Automotive
accessories materials, packaging materials, others
Automotive Division (17%):
passenger cars, commercial cars, light vehicles, trucks & buses, automotive
parts, other;
Machinary, Energy, Plant Project (20%);
machines tools, industrial machinery, textile machinery, petroleum products,
environmental equipment, water treatment, others
Chemicals & Electoronics (22%): electronics
devices, organic chemicals, component parts for automobile production
Food and Agribusiness(4%); feed
and oilseeds, grains, processed foods,
Food
incredients and others
Consumer Products and Services(2%):
Insurance, nursing related products and services, medical facilities and
related services, housing and office materials and others
Overseas
Sales Ratio (59.5%):
Clients: [Car
makers, wholesalers, other mfrs] Toyota Motor, Toyota Tsusho America, Toyota
Steel Center, Crown Motors, Denso Corp, Toyota Motor China, 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. Tokyo, Osaka and others
Bank
References:
MUFG (Nagoya)
SMBC (Nagoya)
Relations: Satisfactory
(in Million, unless otherwise stated)
|
Terms Ending: |
31/03/2015 |
31/03/2014 |
31/03/2013 |
31/03/2012 |
|
|
Annual
Sales |
|
8,600,000 |
7,743,237 |
6,304,354 |
5,916,759 |
|
Recur.
Profit |
|
177,000 |
163,438 |
124,814 |
115,110 |
|
Net
Profit |
|
80,000 |
73,034 |
67,432 |
66,205 |
|
Total
Assets |
|
4,480,001 |
4,072,728 |
3,592,368 |
2,837,428 |
|
Current
Assets |
|
2,772,974 |
2,520,885 |
2,294,151 |
1,976,974 |
|
Current
Liabs |
|
2,128,865 |
1,935,332 |
1,765,072 |
1,487,206 |
|
Net
Worth |
|
1,271,688 |
1,156,080 |
920,043 |
751,747 |
|
Capital,
Paid-Up |
|
64,936 |
64,936 |
64,936 |
64,936 |
|
Div.P.Share(¥) |
|
50 |
50 |
44 |
42 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
11.06 |
22.82 |
6.55 |
.. |
|
Current Ratio |
|
.. |
130.26 |
129.97 |
132.93 |
|
N.Worth Ratio |
|
.. |
28.39 |
25.61 |
26.49 |
|
R.Profit/Sales |
|
2.06 |
2.11 |
1.98 |
1.95 |
|
N.Profit/Sales |
|
0.93 |
0.94 |
1.07 |
1.12 |
|
ROE |
|
6.29 |
6.32 |
7.33 |
8.81 |
Notes:
Forecast (or estimated) figures for the 31/03/2015 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.20 |
|
|
1 |
Rs.92.93 |
|
Euro |
1 |
Rs.68.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
|
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 |
|
-- |
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.