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Report No. : |
345595 |
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Report Date : |
15.10.2015 |
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 |
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 an 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. Scarce in many natural resources, Japan has long been dependent on imported raw materials. Since the complete shutdown of Japan’s nuclear reactors after the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than it was previously on imported fossil 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 impressive - 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 aftereffects 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. 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 of that year disrupted manufacturing. The economy has largely recovered in the four years since the disaster, although reconstruction in the affected Tohoku region has lagged, in part due to a shortage of labor in the construction sector. Japan enjoyed a sharp uptick in growth in 2013 on the basis of Prime Minister Shinzo Abe’s “Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of monetary easing, “flexible” fiscal policy, and structural reform. Abe’s government has replaced the preceding administration’s plan to phase out nuclear power with a new policy of seeking to restart nuclear power plants that meet strict new safety standards, and emphasizing nuclear energy’s importance as a base-load electricity source. Japan joined the Trans-Pacific Partnership (TPP) 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 first-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. While seeking to stimulate and reform the economy, the government must also devise a strategy for reining in Japan's huge government debt, which amounts to more than 230% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate to 10% by 2015, beginning with a hike from 5% to 8% implemented in April 2014. That increase had a contractionary effect on GDP, however, so PM Abe in late 2014 decided to postpone the final phase of the increase until April 2017 to give the economy more time to recover. Led by the Bank of Japan’s aggressive monetary easing, Japan is making progress in ending deflation, but demographics - low birthrate and an aging, shrinking population - pose 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
FINANCES FAIR A/SALES Yen 7,743,237 M
PAYMENTSNO
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.
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: No Complaints
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.65.11 |
|
|
1 |
Rs.99.50 |
|
Euro |
1 |
Rs.74.24 |
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 |
|
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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.