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MIRA INFORM REPORT
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Report No. : |
486779 |
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Report Date : |
17.01.2018 |
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) : |
31.03.2017 |
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Date of Incorporation : |
July, 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 : |
Import, export and wholesale of metals, machinery, vehicles, industrial materials. |
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No. of Employees : |
2,689 |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
Yen 120,547.5 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 (30.06.2017) |
Current Rating (30.09.2017) |
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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 2016 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 second country to ratify the TPP in December 2016; the United States signaled its withdrawal from the TPP on January 23, 2017, and as of April 2017 the agreement has not gone into effect.
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Source
: CIA |
Company
name and address
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
ACTIVITIES
Import, export,
wholesale of metals, machinery, vehicles, industrial materials, etc
BRANCHES
Tokyo, Osaka, Toyoda,
Kariya, Sendai, Niigata, Fukuoka, other (Tot 19)
OVERSEAS
Asia (32), Oceania
(3), Europe (15), Mid East (2), Africa (3), North America (24), Central/South
America (7)
CHIEF
EXEC
JUN KARUBE, PRES
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 7,919,663 M
PAYMENTS REGULAR CAPITAL Yen 64,936 M
TREND SLOW WORTH Yen
1,050,620 M
STARTED 1948 EMPLOYES 2,689
COMMENT
GENERAL TRADING HOUSE AFFILIATED WITH TOYOTA MOTOR CORP.
FINANCIAL
SITUATION COSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
HIGHLIGHTS
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.
Extends business support to Toyota Motor. Exports Toyota cars chiefly to
S/E Asia, China, Mideast and Latin America.
Merged with Tomen Corp in 2006.
FINANCIAL
INFORMATION
The sales volume
for Mar/2017 fiscal term amounted to Yen 7,919,663 million, a 3.67% fall from
Yen 8,170,237 million in the previous term.
The recurring profit was posted at Yen 158,279 million and the net
profit at Yen 102,597 million, respectively, compared with Yen 128,095 million
recurring profit and Yen 43,714 million net losses, respectively, a year ago.
For the current
term ending Mar 2018 the recurring profit is projected at Yen 185,000 million
and the net profit at Yen 119,500 million, on a 21.08% rise in turnover, to Yen
6,250,000 million.
The financial
situation is considered FAIR to EXCELLENT and good for ORDINARY business
engagements.
REGISTRATION
Date
Registered: 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 (20.9)
No.
of shareholders: 24,977
Listed
on the S/Exchange (s) of: Tokyo, Nagoya
Managements: Satoshi Ozawa,
ch, Jun Karube, pres; Hasuhiko Yokoi, v pres; Kuniaki Yamagiwa, v pres;
Soichiro Matsudaiwa, v pres; Yuichi Oi, v pres; Yasuhiro Nagai, mgn dir;
Hiroshi Tominaga, mgn dir; Hideyuki Iwamoto, mgn dir; Jiro Takahashi, dir;
Junko Kawaguchi, dir; Kumi Kadota, dir
Nothing detrimental is known as to the commercial morality of
executives.
Related companies: Toyota Tsusho America
Inc, other
OPERATION
Activities: A general
trading house for import, export, wholesale operations:
Metals (22%),
global parts & logistics (12%), automotive (14%), machinery & energy
(23%), chemicals & electronics (22%), foods (6%)
Overseas Sales
Ratio (69%)
Clients: [Car makers,
wholesalers, other mfrs] Toyota Motor, Toyota Tsusho America, Toyota Tsusho
Thailand, 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: Regular
Location: Business area in Nagoya. Office premises at
the caption address are leased and maintained satisfactorily.
Bank
References:
MUFG
(Nagoya)
SMBC
(Nagoya)
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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6,250,000 |
7,919,663 |
8,170,237 |
8,663,460 |
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Recur.
Profit |
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185,000 |
158,279 |
128,095 |
156,267 |
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Net
Profit |
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119,500 |
102,597 |
-43,714 |
67,571 |
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Total
Assets |
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4,212,064 |
3,369,868 |
4,559,784 |
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Current
Assets |
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2,546,014 |
2,425,894 |
2,769,209 |
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Current
Liabs |
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1,769,471 |
1,737,191 |
2,061,727 |
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Net
Worth |
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1,050,620 |
888,637 |
1,125,512 |
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Capital,
Paid-Up |
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64,936 |
64,936 |
64,936 |
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Div.Ttl
in Million (¥) |
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21,829 |
20.767 |
19,341 |
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<Analytical Data> |
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(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
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-21.08 |
-3.07 |
-5.69 |
11.88 |
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Current Ratio |
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.. |
143.89 |
139.64 |
134.32 |
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N.Worth Ratio |
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.. |
24.94 |
26.37 |
24.68 |
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R.Profit/Sales |
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2.96 |
2.00 |
1.57 |
1.80 |
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N.Profit/Sales |
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1.91 |
1.30 |
-0.54 |
0.78 |
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Return On Equity |
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.. |
9.77 |
-4.92 |
6.00 |
Note; Forecast figures for
the 31/03/2018 fiscal term.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.76 |
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1 |
INR 87.91 |
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Euro |
1 |
INR 78.20 |
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Yen |
1 |
INR 0.58 |
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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NIS |
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Report Prepared
by : |
NIT |
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.