Download - toyota indus
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Group Members
Qazi Muhammad Ahmed
Hussain Raza
Nabiha Bashir
Nida Ali
Nofil Nadeem
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Most important industry in the world.
USA is at the top due to consistentpolicies.
France, 3,376 Germany, 5,469
Italy, 1,427
UK, 1,819
Spain, 2,855
Canada, 2,626
USA, 12,272
Brazil, 1,775
Korea, 3,148
Japan, 10,257
Others, 12,939
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Toyota Motor Company Limited
World's third largest manufacturer of automobiles.
Honda Motor Company Limited
Todays leading manufacturers of automobiles.
Suzuki Motor Corporation
Japan's number one mini car producer .
Mitsubishi Motors Corporation
Worlds' 10th largest vehicle manufacturer
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In 2007-08 production reached 164,710units.
Drop of 6.4% from the previous year.
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Honda Pakistan: Joint venture between Honda and the Atlas Group.
Pak Suzuki Motors: Joint venture between Pakistan government and Suzuki.
Hyundai Pakistan: Dewan Mushtaq Group diversified its business activities.
Gandhara Nissan Limited: Technical Assistance Agreement with Nissan Motor Co. Japan.
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Indus Motor Company: Joint venture between the House of Habib,
Toyota Motor Corporation Japan (TMC), andToyota Tsusho Corporation Japan (TTC) .
Started commercial production in May 1993.
Toyota and Daihatsu brands beingmanufactured.
Market leader in 1000+cc Sedans in thePakistan.
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Toyota Indus Motors
Income Statement Analysis (Vertical & Horizontal)
Years
2006 2007 2008 2009
000 000 % Change 000 % Change 000 % Change
Sales 35,236,535 39,061,226 10.9% 41,423,843 6.0% 37,864,604 -8.59
Cost of Sales 31,088,906 34,620,632 11.4% 37,575,356 8.5% 35540418 -5.412
Gross Profit 4,147,629 4,440,594 7.1% 3,848,487 -13.3% 2324186 -39.6
Distribution &
Marketing
Expenses
404,917 509,986 25.9% 487,373 -4.4% 469985 -3.56
Administrative
Expenses
242,456 265,302 9.4% 297,284 12.1% 352249 18.48
Other Operating
Income
1,021,212 935,290 -8.4% 786,834 -15.9% 727080 -7.59
Other Operating
Expense
321,746 348,430 8.3% 306,193 -12.1% 156479 -48.8
Profit/Loss From
Operations
4,199,722 4,252,166 1.2% 3,544,471 -16.6% 2072553 -41.5
Finance Costs 126,945 22,685 -82.1% 2,760 -87.8% 26540 861.5
Profit/Loss Before
Taxation
4,072,777 4,229,481 3.8% 3,541,711 -16.3% 2046013 -42.2
Taxation 1,424,313 1,483,780 4.2% 1,250,866 -15.7% 660911 -47.16
Profit/Loss For
The Year
2,648,464 2,745,701 3.7% 2,290,845 -16.6% 1385102 -39.53
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Honda Pakistan:
Income Statement Analysis (Vertical & Horizontal)
Years
2006 2007 2008 2009
000 000 % Change 000 % Change 000 % Change
Sales 25,638,698 17,055,115 -33.5% 14,715,495 -13.7% 14149646 -3.84
Cost of Sales 22,471,184 16,955,181 -24.5% 14,088,001 -16.9% 13973144 -0.81
Gross Profit 1,167,514 99,934 -91.4% 627,494 527.9% 176502 -71.8
Distribution &
Market Expenses
149,877 214,889 43.4% 209,677 -2.4% 190088 -9.34
Admin Expenses 134,518 147,274 9.5% 139,163 -5.5% 139749 0.42
Other Operating
Income
377,865 150,585 -60.1% 23,589 -84.3% 64844 174.89
Other Operating
Expense
80,924 64,514 -20.3% 4,975 -92.3% 311025 6151.7
Profit/Loss From
Operations
1,180,060 (176,158) -114.9% 297,268 -268.8% -399516 -234.3
Finance Costs 46,356 305,416 558.8% 233,651 -23.5% 222769 -4.65
Profit/Loss Before
Taxation
1,133,704 (481,649) -142.5% 63,617 -113.2% -6222285 -9880.85
Taxation 428,410 217,109 -49.3% 11,393 -94.8% 220452 1834.9
Profit/Loss For The
Year
705,294 (264,540) -137.5% 75,010 -128.4% -401833 -635.7
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Indus Motors was more consistent.
Honda was able to reduce the cost of
sales. Changes in the operating expenses.
Changes in Finance costs.
Net profit of Toyota is considerable more
than Hondas.
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Toyota Indus Motors
Balance Sheet Analysis (Vertical & Horizontal)
Years
2006 2007 2008 2009
000 000 % Change 000 % Change 000 %change
Share Capital and
Reserves
786000 0
Issued, Subscribed
and Paid Up Capital
786,000 786,000 0.0% 786,000 0.0% 9510973 9.94
Reserves 5,471,879 7,257,975 32.6% 8,650,340 19.2%
Non-Current Liabilities
Liabilities against
lease finance
3,871 -100.0% 503700 -5.34
Deferred Taxation 116,164 210,149 80.9% 532,138 153.2%
Current Liabilities 3942988 41.14
Trade and Other
Payables
2,599,911 2,892,017 11.2% 2,793,554 -3.4% 5926529 501.0
Advances from
Customers
6,620,869 4,514,480 -31.8% 985,972 -78.2% 673 540.9
Mark up Accrued on
Loans
22,250 715 -96.8% 105 -85.3%
Current Portion of
Liabilities against
lease finance
5735 3714 -0.35% -100.0% 14660
Taxation 195789 -100
Contingencies and
Commitments
20685523 50.46
Total Liabilities and
Equity
15,822,468 15,665,050 -1.0% 13,748,109 -12.2% 786000 0
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2006 2007 2008 2009
000 000 % Change 000 % Change 000 %change
Assets
Non-Current Assets
Fixed Assets 1,716,590 2,093,852 22.0% 4,033,762 92.6% 3934473 -2.46
Long Term Loans 1,019 4,240 316.1% 42,341 898.6% 28509 -32.6
Long Term Deposits 5,181 6,629 27.9% 7,222 8.9% 7222 0
Finance under
Musharika
Arrangements
4,021 100.0%
Current AssetsStores and Spares 226,169 227,191 0.5% 232,142 2.2% 128483 -44.65
Stock in Trade 3,959,316 2,859,951 -27.8% 2,637,629 -7.8% 4088858 55.02
Trade Debts 738,281 665,647 -9.8% 1,332,832 100.2% 1736631 30.29
Current Maturity of
Musharika Arrangement
5,811 3,710 -36.2% -100.0%
Loans and Advances 414,338 426,165 2.9% 737,372 73.0% 894459 21.30
Short Term Prepayments 9,134 47,523 420.3% 23,148 -51.3% 16876 -27.09
Accrued Mark up 76,211 132,634 74.0% 35,012 -73.6% 50944 45.50Other Receivables 1,250,217 605,725 -51.6% 64,360 -89.4% 67902 -8.68
Taxation 48,520 100.0% 209,533 331.8% -100
Investments 54,171 100.0% -100
Cash and Bank Balances 7,416,180 8,543,263 15.2% 4,328,585 -49.3% 9731166 124.81
Total Assets 15,822,468 15,665,050 -1.0% 13,738,109 -12.3% 20685523 50.57
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Honda Pakistan
Balance Sheet Analysis (Vertical & Horizontal)
Years2006 2007 2008 2009
000 000 % Change 000 % Change 000 %change
Share Capital and
Reserves
Issued, Subscribed
and Paid Up Capital
420,000 714,000 70.0% 1,428,000 100.0% 1428000 0
Reserves 1,579,500 1,991,000 26.1% 1,727,000 -13.3% 1801500 4.31
Un-Appropriated
Profit
705,708 (264,332) -137.5% 74,678 -128.3% -401655 -637.9
Non-Current
Liabilities
Long Term Finances 666,667 1,958,334 193.7% 500,000 -74.5% 1500000 200
Deferred Taxation 5,428 -100.0%
Current Liabilities
Current Position of
Long Term Finances
333,333 583,333 75.0% -100.0%
Short Term Finances 1,454,873 -100.0% 2151601
Mark up Accrued on
Loans
15,719 39,627 152.1% 32,029 -19.2% 75048 134.31
Trade and Other
Payables
3,993,047 3,283,155 -17.8% 3,055,037 -6.9% 3387594 10.88
Contingencies and
Commitments
Total Liabilities and
Equity
9,174,275 8,305,117 -9.5% 6,816,744 -17.9% 9942088 45.84
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2006 2007 2008 2009
Assets 000 000 % Change 000 % Change 000 % change
Non-Current Assets
Property, Plant and
Equipment
1,051,723 4,082,955 288.2% 3,864,527 -5.3% 5190535 34.31
Intangible Assets 33,202 65,903 98.5% 64,636 -1.9% 195830 202.9
Capital Work in
Progress
1,274,230 191,842 -84.9% 80,746 -57.9% 19226 -76.18
Long Term
Investments
509,039 -100.0%
Long Term Deposits 4,091 100.0% 4,091 0.0% 4042 -1.19
Long Term Loans,
Advances and
Deposits
36,163 28,105 -22.3% 29,050 3.4% 31503 8.44
Deferred Taxation 251,008 100.0% 338,165 34.7% 571214 68.91
Current Assets
Stores and Spares 29,736 50,316 69.2% 83,101 65.2% 101942 22.67
Stock in Trade 4,169,120 2,704,946 -35.1% 1,612,696 -40.4% 2954091 83.17
Trade Debts
Short Term
Investments
634,843 -100.0%
Trade and Other
Receivables
1,075,600 706,092 -34.4% 507,852 -28.1% 853218 68.00
Cash and Bank
Balances
360,619 219,859 -39.0% 231,880 5.5% 20487 -91.16
Total Assets 9,174,275 8,305,117 -9.5% 6,816,744 -17.9% 9942088 45.84
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Non Current Assets rose for both.
Current assets decreased for both.
Reduction in current liabilities.
Non current liabilities rose consistently .
Share capital reserves rose till 2008.
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Toyota Indus Motors.
Years
2006 2007 % change 2008 %change 2009 % change
Cash Flow from Operations
Cash Generated from Operations 3,155,420 3,999,589 26.75% (125,517) (1.03) 6538777 -5309.48
Interest and Mark up paid (91,373) (22,207) -75.70% (3,427) (0.85) -8267 141.2314
Workers Profit Participation Fund paid (217,143) (227,390) 4.72% (201,390) (0.11) -105538 -47.5952
Workers Welfare Fund paid (38,804) (67,655) 74.35% (78,562) 0.16 -50069 -36.2682
Interest received 941,148 780,163 -17.11% 702,156 (0.10) 612950 -12.7046
Income tax paid (1,072,738) (1,634,104) 52.33% (1,089,890) (0.33) -465156 -57.3208
Long-term loans net (631) (3,221) 410.46% (13,854) 3.30 13832 -199.841
Long-term deposits (32) (1,448) 4425.00% (593) (0.59) -100
Net Cash From Operations 2,675,847 2,823,727 5.53% (811,077) (1.29) 6536529 -905.907
Cash Flow from Investing Activities
Fixed capital expenditure (1,168,227) (805,259) -31.07% (2,422,406) 2.01 -721823 -70.2022
Proceeds from sale of fixed assets 48,838 46,989 -3.79% 8,952 (0.81) 42806 378.1725
Repayments of finance under musharika
arrangements
33,128 -100.00%
Investment made in listed mutual fund
(25,000) 100.00% (50,000) 1.00 0 -100
Redemption of investment in listed mutual fund 26,313 100.00% (1.00) 55922
Receipts from finance under musharika
arrangements
6,570 100.00% 3,849 (0.41) 0 -100
Net Cash From Investing Activities (1,086,261) (750,387) -30.92% (2,459,605) 2.28 -623095 -74.6669
Cash Flow From Financing Activities
Repayment of obligation against finance lease (31,948) (6,413) -79.93% (3,878) (0.40) 0 -100
Dividend paid (861,457) (939,844) 9.10% (940,118) 0.0003 -510853 -45.6608
Net Cash From Financing Activities (893,405) (946,257) 5.92% (943,996) (0.0024) -510853 -45.884
Net Increase in Cash and Cash Equivalents 696,181 1,127,083 61.90% (4,214,678) (4.74) 5402581 -228.185
Cash and Cash Equivalents at Beginning of Year 6,719,999 7,416,180 10.36%
8,543,263
0.15 4328585 -49.3334
Cash and Cash Equivalents at End of Year 7,416,180 8,543,263 15.20%
4,328,585
(0.49) 9731166 124.8117
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Honda Pakistan
Year
2006 2007 % Change 2008 % Change 2009 %change
Cash Flow from Operations
Cash Generated from Operations (5,292,805) 1,999,952 -138% 2,078,194 4% -807955
Interest and Mark up paid (30,614) (281,544) 820% (241,249) -14% -179750
Employees Retirement Benefits (5,397) (16,064) 198% (22,756) 42% -18653
Net Increase/ decrease in Long
Term Deposits
140 (2,002) -1530% -100% 49
Net Increase/ decrease in Loan to
Employees
(896) 5,621 -727% (2,123) -138% -2627
Income Tax Paid (184,977) (137,991) -25% (70,502) -49% -256682
Royalty Paid (369,762) (458,478) 24% (256,411) -44% -295642
Workers Profit Welfare
Participation Fund
(64,165) -100%
Net Cash From Operations (5,948,476) 1,109,494 -119% 1,485,153 34% -1461260
Cash Flow from Investing Activities
Purchase of Property, Plant and
Equipment
(1,802,496) (2,450,118) 36% (159,779) -93% -1958056
Purchase of Intangible Assets (30,565) (100,922) 230% (28,713) -72% -91472
Proceeds from Sale of Property,
Plant and Equipment
13,522 5,457 -60% 27,937 412% 105252
Investments (300,000) -100%
Proceed from Sale of Investments 1,140,214 100% -100%
Dividends Received 12,507 100% -100%
Interest Received 193,964 55,900 -71% 15,188 -73% 42562
Net Cash From Investing Activities (1,925,575) (1,336,962) -31% (145,367) -89% -1901714
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Honda Pakistan
2006 2007 % Change 2008 % Change 2009 %change
Cash Flow From
Financing Activities
Issue of Right Shares 714,000 100% 0 -100
Long Term Finances 1,000,000 1,541,667 54% (2,041,667) -232% 1000000 -148.98
Short Term Borrowing 1,150,000 (1,150,000) -200% -100%
Dividends Paid (94,190) (86) -100% (98) 14% -20 -79.5918
Net Cash From
Financing Activities
2,055,180 391,581 -81% (1,327,765) -439% 999980 -175.313
Net Increase in Cash
and Cash Equivalent
(5,818,241) 164,113 -103% 12,021 -93% -2362994 -19757.2
Cash and Cash
Equivalent at
Beginning of Year
5,873,987 55,746 -99% 219,859 294% 231880 5.467595
Cash and Cash
Equivalent at End of
Year
55746 219,859 294% 231,880 5% -2131114 -1019.06
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Changes in Cash and Cash Equivalents.
Changes in Operating Activities.
Outflows in investing activities.
Outflows in financing activities .
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Current Ratio
Quick Ratio
Receivables Turnover and Average Collection
Inventory Turnover and Inventory Processing
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Payable Turnover Ratio and Average
Payment Period
Cash Conversion Cycle
Total Asset Turnover
Fixed Asset Turnover
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Equity Turnover
Gross Profit Margin
Operating Profit Margin
Net Profit Margin
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Return on Total Assets
Return on Total Equity
Debt to Equity Ratio
Interest Coverage Ratio
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From Bank Alfalah Pakistan.
Secured credit line of Rs. 200,000,000.
Economic crises effecting revenues.
In 2009 sales figure fell by 8.59%
Profit figure reduced by 39.5%
Funding for working capital needs.
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Strong reputation and image in the market.
Loan required for supporting its operations.
Repay the loan from the profit earned.
Fixed assets as collateral against the loan.
Company in complete position to repay the
loan.
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Pro-Forma Income Statement.
2009 2010 2011 2012
000 % change 000%change
000 %change 000%change
Sales 37,864,604 -8.59 38924813 2.8 40014707 2.799 41135119 2.80
Cost of Sales 35540418 -5.4 36535549.79 2.8 37558544. 2.799 38610183.9 2.80
Gross Profit 2324186 -39.60 2389263.2 2.8 2456162.5 2.799 2524935.1 2.80
Distribution & Mrkt.Expenses
469985 -3.56 483144.5 2.8 496672.61 2.799 510579.4 2.80
Administrative Expenses 352249 18.48 352249 0 352249 0 352249 0
Other Operating Income 727080 -7.59 747438.2 2.8 768366.49 2.799 789880.76 2.80
Other Operating Expense 156479 -48.89 160860.4 2.8 165364.5 2.799 169994.70 2.81
Profit/Loss From
Operations
2072553 -41.52 2140447.4 3.27 2210242.9 3.260 2281992.7 3.24
Finance Costs 26540 861.52 36000 35.64 36000 0 36000 0
Profit/Loss BeforeTaxation
2046013 -42.23 2104447.4 2.85 2174242.9 3.31 2245992.7 3.29
Taxation 660911 -47.16 736556.6 11.44 760985.0 3.31 786097.4 3.29
Profit/Loss For The Year 1385102 -39.53 1367890.8 -1.24 1413257.8 3.31 1459895.2 3.29
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Pro-Forma Balance Sheet.
2010 2011 % change 2012 % Change
ASSETSNon current
Fixed Assets 4044638 4157888 2.80 4274308.931 2.80
Long term loans and advances 28509 28509 0 28509 0
Long term deposits 7222 7222 0 7222 0
Current Assets
Stores and spares 132080.5 135778.8 2.80 139580.5828 2.80
Stock in trade 4203346 4321040 2.80 4442028.772 2.80
Trade debts 1785257 1835244 2.80 1886630.66 2.80
Loan and advances 894459 894459 0 894459 0
Prepayments 17348.53 17834.29 2.80 18333.6466 2.80Other Receivables 69803.25 71757.75 2.80 73766.96321 2.80
Cash and bank balances 10003638 10283740 2.80 10571685.14 2.80
Total Assets 21186301 21753473 2.67 22336524.7 2.68
EQUITY
Authorized capital 1000000 1000000 0 1000000 0
Issued, subscribed, paid-up 786000 786000 0 786000 0
Reserves 10878863 12292121 12.99 13752016 11.87
Total equity 11664863 13078121 12.11 14538016 11.16
LIABILITY
Noncurrent Liabilities
Deferred Tax 736556 736556 736556
Long Term Debt 200000 200000 0 200000 0
Current Liability 0 0
Trade and other payables 4053392 4166887 4283559.40
Advances from customers anddealers
6092472 6263061 2.80 6438426.655 2.80
Total Liability 11082419 11366503 2.80 11658542.06 2.80
Total Liability and equity 22747282 24444624 2.56 26196558.06 2.56
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