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MIRA INFORM REPORT
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Report No. : |
493736 |
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Report Date : |
22.02.2018 |
IDENTIFICATION DETAILS
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Name : |
TOYOTA MOTOR CORPORATION |
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Registered Office : |
1 Toyota-cho Toyota-City Aichi-Pref 471-0826 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2017 |
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Date of Incorporation : |
Aug 1937 |
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Com. Reg. No.: |
1803-01-018771 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufactures automobiles (91%), financing
(7%), others |
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No. of Employees : |
73,875 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A++ |
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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Maximum Credit Limit : |
YEN 702,926.9 MILLION |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
JAPAN - ECONOMIC OVERVIEW
Over the past 70 years, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (slightly less than 1% of GDP) have helped Japan develop an advanced economy. Two notable characteristics of the post-World War II 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 have significantly eroded under the dual pressures of global competition and domestic demographic change.
Measured on a purchasing power parity basis that adjusts for price differences, Japan in 2017 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. For three postwar decades, overall real economic growth was impressive - a 10% average in the 1960s, 5% in the 1970s, and 4% in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the aftereffects of inefficient investment and the collapse of an asset price bubble in the late 1980s, which entailed considerable 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.
Japan enjoyed an 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. Led by the Bank of Japan’s aggressive monetary easing, Japan is making modest progress in ending deflation, but demographic decline – a low birthrate and an aging, shrinking population – poses a major long-term challenge for the economy. The government currently faces the quandary of balancing its efforts to stimulate growth and institute economic reforms with the necessity of addressing its sizable public debt, which stands at 235% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate. However, the first such increase, in April 2014, led to another recession, so Prime Minister ABE has twice postponed the next increase, now scheduled for October 2019. Structural reforms to unlock productivity are seen as central to strengthening the economy in the long-run.
Scarce in critical natural resources, Japan has long been dependent on imported energy and raw materials. After the complete shutdown of Japan’s nuclear reactors following the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than before on imported fossil fuels. However, ABE’s government is seeking to restart nuclear power plants that meet strict new safety standards and is emphasizing nuclear energy’s importance as a base-load electricity source. In August 2015, Japan successfully restarted one nuclear reactor at the Sendai Nuclear Power Plant in Kagoshima prefecture, and several other reactors around the country have since resumed operations; however, opposition from local governments has delayed several more restarts that remain pending. Reforms of the electricity and gas sectors, including full liberalization of Japan’s energy market in April 2016 and gas market in April 2017, constitute an important part of Prime Minister Abe’s economic program.
In October 2015, Japan and 11 trading partners reached agreement on the Trans-Pacific Partnership (TPP), a pact that had promised to open Japan's economy to increased foreign competition and create new export opportunities for Japanese businesses. Japan was the first country to ratify the TPP in December 2016; the United States signaled its withdrawal from the TPP in January 2017, and in November 2017 the remaining 11 countries agreed on the core elements of a modified agreement, which they renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
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Source
: CIA |
Company
Name And Address
TOYOTA MOTOR CORPORATION
REGD NAME: Toyota Jidosha KK
MAIN OFFICE: 1 Toyota-cho Toyota-City Aichi-Pref 471-0826
JAPAN
Tel:
0565-28-2121 Fax: 0565-23-5708 -
URL: http://www.toyota.co.jp
E-Mail
address: (thru the URL)
ACTIVITIES: Mfg of automobiles
BRANCHES: Tokyo, Nagoya, other (Tot 24)
OVERSEAS: North America, Latin America, Europe,
Africa, Asia, Oceania, Mid East, other FACTORIES: Domestic (Tot 12), Overseas (Tot 51)
CHIEF EXEC: AKIO TOYODA, PRES
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 27,597,153 M
PAYMENTS REGULAR CAPITAL Yen 397,050 M
TREND SLOW WORTH Yen 17,514.812 M
STARTED 1937 EMPLOYES 73,875
COMMENT
AUTO MAKER
FINANCIAL SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 702,926.9 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
This is
the top-class of the world’s automaker.
Achieved the annual gross sales of 10 million units for the first time
in the world. The company far outranks
other Japanese companies in terms of profit scale, and has a firm financial
position. Markets the TOYOTA and LEXUS
brands. Has automakers Daihatsu Motor
and Hino Motors under its umbrella.
Investing in Fuji Heavy Industries and has an alliance with Mazda Motor. Commands close to a 50% market share in
registered domestic vehicles, while that including light cars is over 40% (as
the Group). Operates domestic production bases in Tokai, Kyushu and Tohoku (as
above stated), in addition to overseas bases worldwide. A share exchange with DAIHATSU is scheduled
and then the company will make it a wholly owned subsidiary in August
2016. Boasts advanced technical
development expertise also in hybrid cars & fuel-cell cars. Engaged in finance & housing businesses
as well.
FINANCIAL
INFORMATION
The sales volume for Mar/2017
fiscal term amounted to Yen 27,597,193 million, a 2.34% fall from Yen
28,403,118 million in the previous term.
The recurring profit was posted at Yen 2,193,825 million and the net
profit at Yen 2,312,694 million, respectively, compared with Yen 2,983,381
million recurring profit and Yen 2,173,338 million net profit, respectively, a
year ago.
For the
current term ending Mar 2018 the recurring profit is projected at Yen 2,250,000
million and the net profit at Yen 1,950,000 million, respectively, on a 3.27%
rise in turnover, to Yen 28,500,000 million.
The
financial situation is considered FAIR and good for ORDINARY business
engagements. Max credit limit is
estimated at Yen 702,926.9 million, on 30 days normal terms.
REGISTRATION
Date Registered: Aug
1937
Regd No.: 1803-01-018771 (Aichi-Toyota)
Legal Status: Limited Company (Kabushiki Kaisha
Authorized:
10,000 million shares
Issued: 3,417,997,492 shares
Sum: Yen 397,050 million
Major shareholders (%): Japan Trustee Services Bank
(11.3), Company’s Treasury Stock (9.9), Toyota Industries (7.0), Master Trust
Bank of Japan (4.8), State Street Bank & Trust (4.0), Nippon Life Ins
(3.3), Denso Corp (2.7), JP Morgan Chase Bank (2.1), Trust & Custody
Services Bank (1.8), Mitsui Sumitomo Ins (1.8); foreign owners (22.5)
No. of shareholders: 469,914
Listed on the S/Exchange (s) of: Tokyo, Nagoya, Fukuoka,
Sapporo, New York, London
Managements: Takeshi Uchiyamada, ch; Akio Toyoda, pres;
Shigeru Hayakawa, v ch; Shigeki Terashi, v pres; Satoru Nagata, v pres; Ikuo
Uno, dir; Haruhiko Kato, dir;
Nothing detrimental is known as
to the commercial morality of executives.
Related companies: Daihatsu Motor, Hino Motor, Toyota USA
Auto Sales, other.
OPERATION
Activities: Manufactures automobiles (91%),
financing (7%), others (3%)
Overseas Sales Ratio (75%)
Clients: [Mfrs, wholesalers] Toyota USA Auto
Sales, Toyota Motor Europe, Toyota Motor
Asia Pacific, other
No. of
accounts: 1,000
Domestic
areas of activities: Nationwide
Suppliers:
[Mfrs, wholesalers] Denso Corp, Toyota Auto Body, Aisin AW Co, Aisin Seiki, Seino Transportation Co, Toyota Ind
Corp, Toyoda Gosei Co, other
Payment record:
Regular
Location: Business area in Toyota City,
Aichi-Pref. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References:
MUFG
(Nagoya)
SMBC
(Nagoya-Sakae)
Relations:
Satisfactory
FINANCES
(In
Million Yen)
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Terms Ending: |
31/03/2018 |
31/03/2017 |
31/03/2016 |
31/03/2015 |
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Annual Sales |
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28,500,000 |
27,597,193 |
28,403,118 |
27,234,521 |
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Recur. Profit |
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2,250,000 |
2,193,825 |
2,983,381 |
2,892,828 |
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Net Profit |
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1,950,000 |
1,831,109 |
2,312,694 |
2,173,338 |
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Total Assets |
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48,750,186 |
47,427,597 |
47,729,830 |
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Current Assets |
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17,833,695 |
18,209,553 |
17,936,397 |
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Current Liabs |
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17,318,965 |
16,124,456 |
16,431,496 |
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Net Worth |
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17,514,812 |
16,746,935 |
16,788,131 |
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Capital, Paid-Up |
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397,050 |
397,050 |
397,050 |
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Div Ttl in Million (¥) |
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638,173 |
705,952 |
554,932 |
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<Analytical Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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3.27 |
-2.84 |
4.29 |
6.00 |
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Current Ratio |
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.. |
102.97 |
112.93 |
109.16 |
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N.Worth Ratio |
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.. |
35.93 |
35.31 |
35.17 |
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R.Profit/Sales |
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7.89 |
7.95 |
10.50 |
10.62 |
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N.Profit/Sales |
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6.84 |
6.64 |
8.14 |
7.98 |
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Return On Equity |
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.. |
10.45 |
13.81 |
12.95 |
Notes: Forecast (or estimate) figures for the 31/03/2018
fiscal term.
--------------------- End of the Report --------------------
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.81 |
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1 |
INR 90.66 |
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Euro |
1 |
INR 79.94 |
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YEN |
1 |
INR 0.60 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRI |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.