MIRA INFORM REPORT
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Report No. : |
343691 |
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Report Date : |
05.10.2015 |
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) : |
31.03.2015 |
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Date of Incorporation : |
November 1926 |
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Com. Reg. No.: |
1803-01-014273 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufactures: automobile (50%), industrial vehicles (40%),
distribution (5%), textile machinery (4%), others (1%). |
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No. of Employees : |
51,032 |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Excellent |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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.
Since the complete shutdown of Japan’s nuclear reactors after the earthquake
and tsunami disaster in 2011, Japan's industrial sector has become 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 four 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. A sales tax increase caused
the economy to contract during the 2nd and 3rd quarters of 2014. The economy
has largely recovered in the three years since the disaster, but reconstruction
in the Tohoku region has been uneven due to labor shortages. 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 2014 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 government will continue a
longstanding debate on restructuring the economy and reining in Japan's huge
government debt, which amounts to more than 240% 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 2015, although the government
in 2014 decided to postpone the final phase of the increase until 2017 to give
the economy time to recover from the 2014 increase. 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 |
Company
Name
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, Latin America, Europe,
China, other
FACTORIES: Aichi (10); USA, India, France, China
CHIEF EXEC: AKIRA ONISHI, PRES
Yen Amount: In million Yen,
unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 2,166,661 M
PAYMENTS REGULAR CAPITAL Yen 80,462 M
TREND UP WORTH Yen 2,425,929 M
STARTED 1926 EMPLOYES 51,032
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 31/03/2016 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 worldwide.
Fostering electronic equipment.
FINANCIAL
INFORMATION
The sales volume for Mar/2015 fiscal term amounted to Yen 2,166,661
million, a 7.9% up from Yen 2,007,856 million in the previous term. The recurring profit was posted at Yen
170,827 million and the net profit at Yen 115,263 million, respectively,
compared with Yen 138,133 million recurring profit and Yen 91,705 million net
profit, respectively, a year ago.
For the current term ending Mar 2016 the recurring profit is projected
at Yen 176,000 million and the net profit at Yen 119,000 million, on a 1.5%
rise in turnover, to Yen 2,200,000 million.
Orders for compressors will rise further.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
REGISTRATION
Date Registered: Nov 1926
Regd No.; 1803-01-014273
(Aichi-Kariya)
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), Toyota Tsusho
(4.6), Company’s Treasury Stock (3.6), Master Trust Bank of Japan T (2.9), Nippon Life Ins (2.0), Aisin Seiki (2.0),
Japan Trustee Services T (1.7), Employees’ S/Holding Assn (1.3); foreign owners
(23.7)
No. of
shareholders: 13,587
Listed on the
S/Exchange (s) of: Tokyo
Managements: Tetsuro Toyoda, 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 (50%), industrial vehicles (40%), distribution (5%), textile
machinery (4%), others (1%).
Overseas Sales
Ratio (47%)
Clients: [Mfrs, wholesalers]
Toyota Motor, Toyota Tsusho Corp, Denso Corp, Toyota L&F Chubu, Toyota
L&F Tokyo, other
No. of accounts: 1,000
Domestic areas of activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Toyota Motor, Toyota Tsusho Corp, NOK, Denso Corp, Okaya & Co,
Asahi Cokes Ind, Nitto Kogyo 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: |
31/03/2015 |
31/03/2014 |
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INCOME STATEMENT |
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Annual Sales |
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2,166,661 |
2,007,856 |
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Cost of Sales |
1,765,861 |
1,651,573 |
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GROSS PROFIT |
400,799 |
356,282 |
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Selling & Adm Costs |
283,224 |
248,590 |
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OPERATING PROFIT |
117,574 |
107,691 |
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Non-Operating P/L |
53,453 |
30,442 |
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RECURRING PROFIT |
170,827 |
138,133 |
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NET PROFIT |
115,263 |
91,705 |
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BALANCE SHEET |
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Cash |
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247,273 |
226,383 |
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Receivables |
265,504 |
246,676 |
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Inventory |
194,836 |
170,241 |
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Securities, Marketable |
34,085 |
46,012 |
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Other Current Assets |
203,203 |
182,746 |
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TOTAL CURRENT ASSETS |
944,901 |
872,058 |
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Property & Equipment |
707,532 |
626,114 |
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Intangibles |
192,702 |
190,882 |
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Investments, Other Fixed Assets |
2,805,761 |
2,109,956 |
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TOTAL ASSETS |
4,650,896 |
3,799,010 |
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Payables |
205,816 |
196,904 |
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Short-Term Bank Loans |
99,736 |
120,058 |
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Other Current Liabs |
347,635 |
346,391 |
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TOTAL CURRENT LIABS |
653,187 |
663,353 |
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Debentures |
185,998 |
212,198 |
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Long-Term Bank Loans |
421,154 |
323,400 |
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Reserve for Retirement Allw |
86,766 |
63,854 |
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Other Debts |
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877,862 |
706,879 |
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TOTAL LIABILITIES |
2,224,967 |
1,969,684 |
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MINORITY INTERESTS |
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Common stock |
80,462 |
80,462 |
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Additional paid-in capital |
105,592 |
105,654 |
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Retained earnings |
644,165 |
563,957 |
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Evaluation p/l on
investments/securities |
1,523,393 |
1,022,525 |
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Others |
113,826 |
99,740 |
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Treasury stock, at cost |
(41,509) |
(43,012) |
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TOTAL S/HOLDERS` EQUITY |
2,425,929 |
1,829,326 |
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TOTAL EQUITIES |
4,650,896 |
3,799,010 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2015 |
31/03/2014 |
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Cash Flows from Operating Activities |
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182,191 |
155,059 |
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Cash Flows from Investment
Activities |
-160,769 |
-118,483 |
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Cash Flows from Financing Activities |
-8,918 |
6,183 |
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Cash, Bank Deposits at the Term End |
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248,706 |
226,406 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2015 |
31/03/2014 |
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Net Worth (S/Holders' Equity) |
2,425,929 |
1,829,326 |
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Current Ratio (%) |
144.66 |
131.46 |
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Net Worth Ratio (%) |
52.16 |
48.15 |
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Recurring Profit Ratio (%) |
7.88 |
6.88 |
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Net Profit Ratio (%) |
5.32 |
4.57 |
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Return On Equity (%) |
4.75 |
5.01 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.65.55 |
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1 |
Rs.99.17 |
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Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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 |
-- |
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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.