2017

Financial Analysis of Toyota Indus

Motor Company
Financial Year 2011-2016

TOYOTA
INDUS MOTOR COMPANY LTD.

Ayesha Majid
Lahore School of economics

5/1/2017
Financial Analysis of Toyota Indus Motor Company i

Table of Contents
Preamble 1

Categories of Fin an ci al Rati os Anal ysed 1

Limitations 2

Toyota Indus Motors . 3

Company Profile 3

Financial Profile 3

Introduction 4

Mission Statement 5

Vision Statement . 5

Slogan 5

Quote Summary as on 1 st May 2017 5

SWOT Analysis 6

Industry Analysis 7

Competitors 8

Future Plans 9

Ratio Analysis 10

Liquidity Ratios 10

1. Current Ratio 11

2. Quick Ratio 11

3. Acid Test Ratio 11

4. Inventory Turnover 12

5. Receivables Turnover 12
Financial Analysis of Toyota Indus Motor Company ii

6. Days Sales in Inventory 12

7. Days Sales in Receivables 12

8. Operating Cycle 13

Profitability Ratios 14

1. Return on Sales 14

2. Gross Profit Margin 14

3. Operating Profit Margin 15

4. EBIT to Sales 15

5. EBITDA to Sales 15

6. Return on Assets (ROA) 15

7. Return on Equity (ROE) 16

8. Return on net operating Assets (RNOA) 16

9. Return on capital (ROC) 16

Solvency Ratios 17

1. Liabilities to Equity ratio 17

2. Total Leverage 17

3. EBITDA Coverage Ratio 18

4. Times Interest Earned 18

Asset Utilization & Efficiency Ratios 19

1. Sales to Asset ratio (Asset turnover) 19

2. Sales to Average Net Working Capital 19

3. Sales to Fixed Assets turnover 19

Market Value Ratios 20

1. Price Earnings Ratio 20

Financial Analysis of Toyota Indus Motor Company III

2. Dividend Yield 20

3. Market to Book Value 20

Du-Pont Analysis 21

Conclusion & Recommendations 23

References 24

Appendix 25

Balance Sheet 25

Income Statement . 26

Ratios 27
Financial Analysis of Toyota Indus Motor Company 1

Preamble
I have conducted this project as a part of my Bachelor's Course: Financial Statement
Analysis. The project is created on five years of Annual Financial Statements of the
company from 2011 to 2016. In evaluation for industrial benchmark, average of three
companies is used; due to time and resource constrains. The competitors' ratios were
obtained from peers doing their term project on the respective companies. The
competitors are Pak Suzuki Motors, Honda Atlas and Ghandhara Nissan Motors
Limited.

Categories of Financial Ratios Analysed

The accounting ratios are clustered in to five categories:

1. Liquidity Ratios

The ratio shows the extent to which the firm can meet its financial obligations. Used to
gauge a company's ability to pay off its debts in short term.

2. Profrtability Ratios

It is a measure of the capacity to make a profit, and a profit is what has remained from
income earned after you have deducted all costs and expenses these ratios relate to
profits to sales and assets.

3. Asset Management Ratios

Measures the speed with which various accounts are converted into sales or cash-
inflows or cash-outflows. That is the firm's success in managing its assets to generate
sales.

4. Debt Management Ratios

It shows the extent to which a firm uses debt financing or leverage. It assess the

financial leverage and financial flexibility of a firm.

5. Market Value Ratios

These ratios are a measure of the return on investment, and whether the prices are
over/under priced.
Financial Analysis of Toyota Indus Motor Company 2

Limitations
Availability of the resources in gathering of data and information is one of the major
limitation to be considered when different methods and sources employed. In addition,
100% accuracy cannot be guaranteed, as there are be very small chances that
sources may not be reliable which result in inaccuracy of information. Aside from that,
there are no primary data that was used due to time and cost constraints. There are
many limitations to using ratio analysis such as;

• operating and accounting policies differ from firm to firm,

• ratios are static and do not consider future trends,

• firms may have divisions operating in many different industries,

• historical cost not suitable for future decision,

• industry figures may be biased by few large firms within the industry and,

• different capital structure and size cannot be compared easily.

Financial Analysis of Toyota Indus Motor Company 3

Toyota Indus Motors

Company Profile
0
* *

Industry: Automotive
*0
*
•
Type: Public (Joint venture)
0
* *
Stock Symbol: KSE: INDU
***
• Founded: 1 July 1990
• Registration Number: 0020742
***
• NTN: 0676546-7
• 180-14001 certified
***
• Headquarters: Karachi, Pakistan
Parent: Toyota Motor
Corporation, Toyota Tsusho
Corporation, House of Habib
***
• Share Type: Free-float
No. of Shares: 12,211,044
***
• Auditor A.F. Ferguson & Co.
Address: Plot No. Nwzil/P-1,Port
Qasim Authority,Bin Qasim
Karachi
Website: www.toyota-indus.com

Financial Profile
❖ Revenue In PKR (TTM): 108.82bn +
NET INCOME IN PKR: 11.63bn ❖
Employees: 27700
Financial Analysis of Toyota Indus Motor Company 4

Introduction
Indus Motor Company Limited (IMC) was incorporated in 1989 through a joint venture
agreement between "House of Habib" of Pakistan, "Toyota Motor Corporation" and
"Toyota Tsusho Corporation" of Japan. Its stocks are listed in Karachi Stock Exchange
(Guarantee) Ltd, Lahore Stock Exchange (Guarantee) Ltd and Islamabad Stock
Exchange (Guarantee) Ltd, now they have combined to Karachi Stock Exchange.

Indus Motor has permission to manufacture, assemble, distribute and import Toyota
and Daihatsu vehicles, spare parts and accessories in Pakistan. IM C is engaged in
sole distributorship of Toyota and Daihatsu Motor Company Ltd. vehicles in Pakistan.
IM C is associated with Toyota Motor Corporation, Japan; Toyota Tsusho Corporation,
Japan; Thal Limited; Habib Insurance Company Ltd & Mohamed Ali Habib Welfare
Trust. Toyota Motor Corporation and Toyota Tsusho Corporation have 25 'Yo stake in the
company equity and majority shareholdings is with house of Habib.

Indus Motor Company's plant is the only manufacturing site in the world where both
Toyota and Daihatsu brands' products are manufactured. IMC's Product line includes
6 variants of the newly introduced Toyota Corolla, Toyota Hilux Single Cabin 4x2 and
4 versions of Daihatsu Cuore.

The Company's segments are based on its business activities, which include
manufacturing and trading activities. The main product offerings include Corolla, Hilux
and Fortuner. Heavy investment was made to build its production facilities based on
state of art technologies. To ensure highest level of productivity world-renowned
Toyota Production Systems are implemented.

The Company has played a major role in the development of the entire value chain of
the local auto industry and is proud to have contributed in poverty alleviation at the
grass root level by nurturing localization that, in turn, has directly created thousands of
job opportunities and transferred technology to over 60 vendors supplying parts.

On average, the company has sold 50,000 units a year but sales surpassed the 60000
mark in FY16 as demand boomed and has a niche market for Fortuner. Its parent
company Toyota motors stood 51h in world leading global brands 2016.
Financial Analysis of Toyota Indus Motor Company 5

Mission Statement

Mission of IMC is to provide safe & sound journey. IMC's mission is reflected in
company's slogan.

Vision Statement

"To be the most respected and successful enterprise, delight customers with a wide
range of products and solutions in the automobile industry with the best people and
best technology."

Slogan

"Actions, Commitment and Teamwork to become No.1"

Thus, they aim at delivering excellence.

Quote Summary as on 1' May 2017

Index: KM! 30 Turnover: 16,673,785

Market: Karachi Stock Exchange 52 Week High Rs2,110.00

Ticker: INDU 52 Week Low Rs884.75

Market Capital: Rs160,344.00 Previous Price Close: Rs2,020.27

Book value: Rs 57,536,994 Previous Price Open: Rs2,000.00

Enterprise Value: Rs70,071,183 Change: s10.73 (+0.98%)

Beta: 1.24 Price to Earnings (P/E TTM): 13.93

Last Price: s2,040.00 Earnings per Share (EPS UM): 146.46

Volume: 21,920 Dividend Yield: 30 (November 24, 2016)

FinancEal Analysis of Toyota Indus Motor Company 6

SWOT An a lysis
Strengths Weakness 1
• skilled workforce • competitive market
• Customer Loyalty' • small business units
• Strong Management • Weak Supply Chain
• Kaizen culture practiced • High Debt Burden
• Financial Leverage
• The most valuable automotive
brand in the world
• Toyota Production System
• Competence in hybrid vehicle
production
• monetary assistance provided by
parent companies

Opportunities Threats
• global markets • increase in labour costs
• new products and service • cash flow
• income level is at a constant • Rising Japanese yen exchange
rate
increase
• Increasing competition in the
• new products and services worldwide automotive market
• venture capital • Shift of consumer to imported
used car
• Fuel prices are expected to rise in
the near future increasing • growing competition and lower
demand for hybrid cars profitability
• Demand for autonomous vehicles • increase in labour costs
• Timing and frequency of new • tax changes
model releases • financial capacity needed
• Government policy for • low barriers of market entry
revitalization of sick units
• High industry growth rate
-
Financial Analysis of Toyota Indus Motor Company 7

Industry Analysis
IM C is part of automobile industry of Pakistan, that produces automobiles and other
gasoline powered vehicles, such as buses, trucks, and motorcycles. It has an oligopoly
market structure operating at price-oriented model. The leading manufacturing Parent
companies for the industry are Toyota, Suzuki and Honda.

The industry started in 1949 when General motors & company set-upped their first
plant. According to Ministry of Industries, Pakistan produced its first vehicle in 1953, at
the National Motors Limited. It is among the key sectors of Pakistan economy. Car
industry saw boom in 2006-2007 when sales touched record peak of 1,808346. The
auto industry is considered an oligopoly with Toyota, Honda and Suzuki being the
market leaders.

The industry merely operates under the rising urban buying, technical cooperation
agreements and franchise with Chinese, Japanese, Korean and European Automobile
Manufacturers. Even then Pakistan falls in the category of the few manufacturers in
the world who are producing or assembling all kinds of vehicles, ranging from trucks &
buses, 2/3 wheelers, motorcars, prime movers, tractors and LCVs.

The main producer associations in the sector are PAMA (Pakistan Automotive
Manufacturers Association), PAAPAM (Pakistan Association of Automotive Parts and
Accessories Manufacturers) and APMA (Association of Pakistan Motorcycle
Assemblers). All of the associations provide basic and useful information to their
members. Furthermore, the Engineering Development Board (EDB) maintains data
about the automotive industry. The industry faces the highest tariff levels.
FinancEal Analysis of Toyota Indus Motor Company 8

Range of Automotive Products in Pakistan

Cars LCVs Tractors Motorcycles 1 Trucks Bus
Honda .Suzuki Fiat Honda Master Hifi°
Suzuki Changan Massey Yamaha lsuzu Nissan
Ferguson
Toyota/Daihatsu Toyota Universal Suzuki Hino Dong Feng
Nissan Hyundai Hero Clinclqi Nissan isi2i.
Chevrolet Master Farm all Pak Hero Daewoo Master
Technology
Flyundai Kalash Arno Hero Afzal Motors Daewoo
Tractors
PM Auto Other Chinese Roma Motors Afzal
Industries 1 Brands Co Motors Co
Bibojee
Services

Figure I Some: IGC

Market Share
The market share remained 20 percent and under, till FY08 but this share reached 35
percent in FY10 and today, Corolla has a share of 32 percent in the car market. Other
cars have come and gone but Corolla has remained a mainstay the country's car
industry. The company is having a slower FY17 so far, with a decline in sales numbers for
both Corolla and Fortuner and clinched earnings as a result compared to FY16.

Corn petitors
1. Afzal Motors 9. Ghani Motors 19. Raazy Motors
2. Al-Ghazi 10. Hinopak Motors 20. Ravi Motorcycles
3. Al-Haj Faw Motors 11. Honda Atlas 21. Sazgar
4. Atlas Honda 12. Indus Motors 22. Sitara Auto Impex
5. Crown Motor 13. Karakoram Motors 23. Sohrab
Company 14. Kausar Motors 24. Super Asia Motors
6. Dewan Farooque 15. Master Motors 25. United Motors
Motors 16. Millat Motors 26. Volvo Pakistan
7. Ghandhara Motors 17. Omega Motors 27. Yamaha Pakistan
8. Ghandhara Nissan 18. Pak Suzuki Motors
Financial Analysis of Toyota Indus Motor Company 9

Future Plans
Indus Motor Company means to exhibit mindful corporate direct all through the whole
range of its exercises and operations. Through its CSR program, "Concern Beyond
Cars", Indus Motor Co. has contributed over Rs 200 million in the previous 5 years for
wellbeing, training, welfare, condition and street security ventures, in this manner
assuming a critical part in area of its operations and continues to do so. Currently their
main plan is to introduce "Toyota Mira" a hydrogen-fuel-cell powered car in Pakistan
after its global launch.

Toyota has notably reversed from its 2014 claims that it would not develop a driverless
car on safety grounds. August 2016 has seen it double down on its university efforts,
with a further $22M investment to the University of Michigan to drive robotics and self-
driving research. The company has targeted 2021 as a goal for deploying "Al car
features" to the road. Toyota plans to apportion effort among its research partners, the
University of Michigan, Stanford and Massachusetts Institute of Technology (MIT).
Financial Analysis of Toyota Indus Motor Company 10

Ratio Analysis

Liquidity Ratios
Liquidity Ratio According to company financial statement they are in Strong Liquidity
position and they are able to pay their liabilities very well. Indus motor will not face any
problem in paying back its short-term liabilities however, Honda may have problem to
satisfy its short-term obligations when they come d ue. This is strong point for investors

to invest in Indus motor and least likely with Honda (a major competitor in sedan
category).

Liquidity Ratios
95

90

85

80

75

70

65

50

55

50

45

40

35

30

25

20

11111
15

10

a ••1111 ..111 •
Current Ratio Quick Ratio Acid-test Inventory TO Days Sales in Receivables Days Sales in Operating
Patio Inventory TO Receivables Cycle

• 2016 2015 NI 2014 2013 • 2012

Financial Analysis of Toyota Indus Motor Company 11

1. Current Ratio
2016 ,2015 2014 2013 2012
TIM 1.58 1.53 3.35 2.99 2.32
CA 2.21 2.17 3.34 2.71 1.80

The current Ratio of the company has declined over the years after reaching its all-
time peak in 2014. In 2015, the figure is almost half of previous year because of sharp
increase in accounts payable and advances from customers. The company
outperformed the competitors' average throughout the whole period. Throughout the
period, the ratio has stayed close to the benchmark of 2:1 depicting active asset
management by the finance team.

2, Quick Ratio

2016 2015 2014 2013 2012

TIM 1.55 1.48 3.18 2.78 2.23
CA 1.34 1 1.25 1.57 1.37 0.93

The quick ratio mimicked current ratio, has stayed above general benchmark of 1.5:1 in
first half, and came very close to it in later half for the same reasons as current ratio. The
ratio on its own indicates a good financial health of the company. The figures are
slightly above of competitors' average and has maintained a leading position since
2012. Apart from 2015, the ratio has stayed fairly above benchmark of 1.5:1 showing
that there is room for improvement, a better management of quick assets can be done,
and there are still assets, which can be used in money market securities.

3. Acid Test Ratio

2016 2015 2014 2013 2012

0.129375 0.220496 1.438151 0.752502 1.176546

The acid test ratio has declined after 2014 and is well below the benchmark of 1:1
hence the company should arrange for highly liquid assets like marketable securities
and money market securities or will be in danger of facing liquidity issues arising from
mismatch of maturities of assets and liabilities. The company only has 0.1 rupee of
highly liquid asset for every rupee of debt taken.
Financial Analysis of Toyota Indus Motor Company 12

4. friventory Turnover
2016 2015 2014 2013 2012 i
TIM 12.76 15.04 8.11 7,36 10.36
CA 7.25 8.19 6.03 6.05 6.44 '

From 2013, the turnover has risen for three consecutive years after a sharp drop in
2013. Indicating towards better inventory management andior higher sales turnover.
Thus, days to sell inventory and sales turnover ratios need to be analysed to reach a
conclusion. Indus motors outperformed industrial average in the period by an average of
4 points; e.g. in 2016 it had a 12.8 times turnover and competitors' average was of

7.25 times only.

5, Receivables Turnover
2016 2015 2014 2013 2012
TINT 26.84 _ _15.79 10.33 8.53 7.86
CA 92.05 171.87 42.12 54.06 74.18

Receivables turnover is continuously increasing over the years showing good credit
management by the firm or a move towards strong credit policy by the management.
The increase can also be because of a decrease in accounts receivable collection
period. Moreover, is well below the competitors' benchmark of 90-38 times.

6. Days Sales in Inventory

2016 2015 2014 2013 2012
TIM 28.61 24.27 45.02 49.57 35.22
CA 54.49 56.57 70.81 72.64 85.24

The days to sale inventory, has an irregular pattern and is pegged to inventory
management. On the other hand, industrial average improved from 61days in 2012 to
50 days in 2016 indicating to faster production and sale of the industry. The company's
turnover period remained almost half of the competitors' average over the years
depicting customer inclination in favour of their product.

7. Days Sales in Receivables

-
2016 2015 2014 2013 2012
TIM 13.60 23.11 35.35 42.79 46.44
CA 26..29 30.53 27.81 21.17 19.50

The collection period of the company has decreased through the period and has led to

an increase in Receivables turnover. Has a much better recovery rate as compared

Financial Analysis of Toyota Indus Motor Company 13

to competitors. The day's sales in inventory was longer than day's sales in receivable
trough out the period. This shows that Indus motor is quite efficient in collecting their
credit within a short time from credit customers.

8. Operating Cycle
2016 2015 2014 2013 2012
42.20248 I 47.37914 80.36953 92.35801 81.66102

The operating cycle of the company has halved in the period analysed, which means
that the company is making and then selling its inventory in half the time it previously
used to do so. This is partially due to decrease in days sales in inventory and account
receivables. The ratio tells the time taken by the company to free its cash locked in
inventory thus a decrease in the ratio means better liquidity for the company.
Financial Analysis of Toyota Indus Motor Company 14

Profitability Ratios
Indus motor has higher results of profitability as compared to its competitors in the
whole period and managed to make some profits in 2012 when its competitors' were
facing losses in Pakistani automobile industry.

Profitability ratios
30.00%
70.00%
50.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
Return on Gross Profit Operating EBIT to EBITDA to Return on Return on Return on Return on
Sales Margin Profit Sales Sales Assets Equity net Capital
Margin IROA) IROE) operating
Assets
(RNOA)

.2016 ■2015 ■2014 ■2013 12012

1. Return on Sales
2016 2015 2014 2013 2012
TINT 10.53% 9.44% 6.79% 5.26% 5.59%
CA 10.12% 9.06% 5,38% 2.20% -1.27%

Its return on sales is continuously increasing indicating towards greater efficiency in

generating profits. Return on Sales remained slightly above the industrial average
during the whole period, which means that IM is more profitable as, compared to its
competitors.

2. Gross Profit Margin

2016 2015 2014 2013 2012
TIM 16.30% 14.76% 10.15% 9.18% 8.53%
CA 16.70% 13.99% 10.45% 7.54% 4.70%

In the whole period GP margin has outperformed the industrial margin and has
increased at the same pace as the industry. This indicates development in industry's
production techniques and influx of economies of scale in automobile industry, which
lowered the cost of production.
Financial Analysis of Toyota Indus Motor Company 15

3. Operating Profit Vargin

2016 2015 2014 2013 2012
TIM 16.00% 14.64% 8,79% 7.79% 8.20%
CA 13.96% 11.00% 7.29% 3.42% 0.42%

Operating margin is a measurement of what proportion of a company's revenue is left

after paying for variable costs of production such as wages, raw materials. Over the
years, operating profit margin has increased maintaining the position of market leader.
The gap between gross profit margin and operating profit margin has decreased as
well, indicating a decrease in factory over-heads and other operating expenses.
Another reason could be that the company's product price rise is more than the rise in its
manufacturing costs. This rise will result in wealth creation for shareholders due to
increased profitability.

4. EBIT to Sales

2016 2015 2014 2013 2012

TIM 16.07% 14.70% 8.86% 7 .83% 8.28%
CA 15.32% 13.58% 8.86% 5.18% 2,68%

It moved closely with GP margin. It has remained almost 0.08% higher than Operating
Profit margin in every years. The movement was parallel to Return on Assets and at a
lesser rate as compared to Return on Equity (ROE). Increase in EBIT is mainly due to
growti of net revenue, good cost control and strong productivity,

5. EBITDA to Sales

2016 2015 2014 2013 2012

TIM 16.09% 14.72% 23.68% 19.80% 16.95%

CA 16.31% 14.68% 14,36% 19.80% 6.90%

The ratio kept on fluctuating because of changes in fixed assets over the years. Hence,
the contribution/impact of depreciation charge has hampered the ratio otherwise; it
should have been in the same direction as EBIT to sales.

6. Return on Assets (ROA)

2016 2015 2014 2013 2012
TIM 21.23% 23,81% 15.13% 12.75% 15.82%

CA 19.22% 17.45% 9.32% 4.89% 2.78%

ROA was parallel to EBIT/Sales except for the 2015 in which it rose at a greater
proportion as compared to EBIT/Sales. The ratio indicates a greater return on every
Financial Analysis of Toyota Indus Motor Company 16

rupee invested on assets, which means a continuous betterment in asset management of

the company. The margin of outperforming the industry also decreased over the
years.

Looking at the Fixed Asset Turnover ratio investors are more likely to invest in Indus
Motor Company because of large generation of revenue from these assets. Higher
Total Asset turnover of Indus Motor shows that company can operate with fewer
assets than other less efficient competitors can, and so requires less debt and equity to
operate. The result is of this high ratio is comparatively greater return to its
shareholders.

7. Return on Equity (ROE)

2016 2015 2014 2013 2012

TIM 44,34% 41,46% 20.60% 19.35% 27.64%
CA 40.85% 46.15% 28.08% 11.64% -4,58%

In 2016 and 2014, the ratio was below the industrial average. ROE had both upwards
and downwards movement during the period indicating towards a fluctuating return to
shareholders.

8. Return on net operating Assets (RNOA)

2016 2015 2014 2013 2012
TIM 52.82% 57.64% 29.39% 34.23% 75.23%
CA 37.41% 36.49% 16.29% 35.62% 27.92%

RNOA moved in the same way as ROA but with the greater magnitude indicating
towards a greater volatility in current assets as compared to noncurrent assets. The
company has failed to decrease its Cost of Sales percentage over the years. The
management explains that this failure is a result of appreciation in the value of
Japanese Yen, but the company has also increased its prices over the years.

9. Return on capital (ROC)

2016 2015 2014 2013 2012

41.64% 38.04% 19,60% 19.09% 25.53%

lMTs ROC has increased over the years, which means that the management is creating
increasing wealth for the shareholders. Return on capital indicates how effective a
company is at turning capital into profits therefore an increase in ratio implies greater
profitability.
Financial Analysis of Toyota Indus Motor Company 17

Solvency Ratios
The higher degree of debt ratio shows the greater the firm's degree of indebtedness.
Debt ratio for Indus Motor is low which can be manageable by the company. The firm
has comparatively lower debt ratio than industry showing less gearing by the firm
hence less chances of running into a credit crunch (solvency issues).

Solvency Ratio Leverage cover

11
2.0
450
400
1.5
350

111.1 di dal
300
1.0 250
200

111
0.5 150
100
50
0.0
0

Liabiiities to Equity ratio Total Leverage EBITDA Coverage Ratio Times Interest Earned
•2016 •2015 •2014 NI 2013 •2012 • 2016 • 2015 • 2014 X2013 • 2012

1. Liabilities to Equity ratio

2016 2015 2014 2013 2012
TIM 1.082 1.097 0.311 0.419 0.621
CA 0.949 1.059 0.961 1,805 3.362

The debt to equity ratio has increased over the years indicating a shift to aggressive
capital over conservative capital. This ratio measures the proportion of total assets
financed by the firm's creditors. The higher degree of debt ratio shows the greater the
firm's degree of indebtedness. Debt ratio for Indus Motor is low which can be
manageable by the company.

2. Total Leverage
2016 1 2015 2014 2013 2012
TIM 1.709 1.855 0.458 0.587 0.810
CA 1.707 1.840 2,340 5.424 6.598

Total Leverage has increased over the years as it is pegged to DIE ratio of the firm. It is
slightly below the industrial average in the period. This implies that Indus motor is more
leveraged than its competitors are.
Financial Analysis of Toyota Indus Motor Company 18

3. EBITDA Coverage Ratio

2016 2015 2014 2013 2012
TIM 226.511 273.912 353.239 411.589 213,878
CA 362.586 175.130 144.573 139.900 72.082

The company has enough earnings to pay off its debt and lease obligations.
Nevertheless, it has a lower ratio as compared to Honda atlas in 2016, which is a
whooping number of 810 times. Thus, Honda has surpassed Indus motor in generating
operating profits in the year 2016 while in previous years Indus Motors maintained its
lead position.

4. Times Interest Earned

2016 2015 2014 2013 2012

226.1485 273.3931 132.1365 162.8603 104.512
Financial Analysis of Toyota Indus Motor Company 19

Sales to Fixed Assets turnover

Sales to Avg N WC

Sakes to Asset ratio (turnover)

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 15 17 18 19 20 21 22 23 24

u2012 • 2013 • 2014 • 2015 • 2016

1. Sales to Asset ratio (Asset turnover)

2016 2015 2014 2013 2012
Toyota Indus Motors 1.89 1,92 2.19 2.54 2.79 .,
Average 1.93 2.11 1.93 1.95 1.67

Indus motor now makes rupees1.89 from every rupee invested in assets. The ratio is
declining throughout which means that the company need to plug in more money in
assets to reap the same amount of profits. This can because of a rise in material and/or
either labour cost or because of obsolesce of plant and machinery. Resulting in lower
output/ increased maintenance cost of the plant and machinery.

2. Sales to Average Net Working Capital

2016 2015 2014 2013 2012
Toyota Indus Motors 6.94 6.91 3.96 4,48 6,41
Average 9,63 38.88 2.32 -1.88 0.30

The working capital turnover is improving since 2014, which means an increase in
revenue generation for every amount of rupee invested by the shareholders. However, it
is below benchmark output of Rs. 9.63 for every rupee of working capital invested.

3. Sales to Fixed Assets turnover

2016 2015 2014 2013 2012
Toyota Indus Motors 22.11 18.62 9.46 23.28 22.16
Average 13.59 11,70 8,19 11.23 9.42

Indus motor makes more sale from every rupee invested in fixed assets. The ratio is
continuously increasing since 2014 with the same rate as of the benchmark.
Financial Analysis of Toyota Indus Motor Company 20

Market Value Ratios

Market Value Ratios

11.00

10.00

9.00

8.00

7.00

6.00

5.00

4.00

3.00

2.00

1.00

0,00
Price Earning Ratio Dividend Yield Marketto nook Value

■ 2016 ■ 2015 ■ 2014 -4 2013 ■ 2012

1. Price Earnings Ratio

2016 2015 2014 2013 2012
Toyota Indus Motors 11.23 10.78 10.92 7.28 4.48

PIE ratio is well below the industrial benchmark 19.80 (reuters, 2017). Currently the
investors are willing to pay 11.23 rupees for one rupee of earnings of the firm.

2. Dividend Yield
2016 2015 2014 2013 2012
Toyota Indus Motors 0.06 0.06 0.05 0.08 0.13

The dividend yield is stable and too iow to PIE ratio. The firm is paying 0.06 rupees to
shareholders for every rupee they have invested in Indus Motor Company.

3. Market to Book Value

T yota Indus Motors

2016
4.65
2015
4.08
I 2014
2.12
2013
1.38
2012
1.13

o
For every one rupee of firm's book value, the investors are willing to pay 4.65 rupees.
Thus, the stock are being traded at premium. The ratio is increasing in the period,
which means that the firm's market value is increasing.
Financial Analysis of Toyota Indus Motor Company 21

Du-Pont Analysis
2016 2015 2014 2013 2012
ROE=IRCIA*EM =TAT* PM *EM 0.4146 0.3790 0.1945 0.1898 0.2529
Total Asset Turnover=iSales/Total Assets) 1.8902 1.9150 2.1855 2.5424 2.7910
Profit MargirMisilet Income/Sales) 0.1053 0.0944 0.0679 0.0526 0.0559
Equity Multiplier-(total Assets/Common Equity) 2.0824 2.0969 1.3111 1.4190 1.6208

Du Pont Analysis
3

2.5

1.5

0.5
sp — „si,............................................
rb
• iiip §,
;., • •

2016 2015 2014 2013 2012

—0-110 E I Total Asset Turnover .•011 Profit Margin —4—Equity Multiplier

Finandal Analysis of Toyota Indus Motor Company 22

DuPont Model

Other current operating

asset Fixed assets income

Inventory

Current assets ASSOis Asset turnover

Accounts
reservable

Return on
Operating investment
Cash end Immo
eqtavalents

Operating Earnings before

Profit margin
expanses interest and tax

Non-operating Operating
income income

The asset turnover has decreased because of purchase of intangible assets by !MC in
2015 and 2016 causing a larger increase in assets as compared to the growth of
operating income. However, there are high chances that in future the investment in
intangible asset will be translated into operating income. While current assets do not
have any significant change considering the inflation rate. As DuPont looks at gross
asset, thus deprecation is not responsible for the growth rate of ROE.
Financial Analysis of Toyota Indus Motor Company 23

Conclusion & Recommendations

Asset Management Ratios Indus motor have a very good credit and collection policies.
Asset Management Ratios Indus Motor company higher fixed-asset turnover ratio
shows that the company has been more effective in using the investment in fixed
assets to generate revenues. Looking at the Turnover ratios investors are more likely to
invest in Indus Motor Company because of large generation of revenue from these
assets. Higher Total Asset turnover of Indus Motor shows that company can operate
with fewer assets than other less efficient competitors can, and so requires less debt
and equity to operate. The result is of this high ratio is comparatively greater return to its
shareholders. However, Total Asset Turnover is continuously falling creating
hindrance in rise of ROE that is marginally rising because of equity multiplier and profit
margin.

If the company manages to increase efficiency in its Asset Management especially on

intangible asset acquired and fixed assets; the ROE will further rise. Causing a rise in
Market to Book Ratio and Price/earnings Ratio.
Financial Analysis of Toyota Indus Motor Company 24

References
#6 Toyota Motor. (n.d.). Retrieved from httpsAnnv.forbes.comicompaniesitoyota-
motor/

(2017, may 1). Retrieved from reuters:

http:fluk.reuters.comibusinessiquotestoverview?symbol=INDM.KA

33 Corporations Working On Autonomous Vehicles. (2016, august 11). Retrieved

from https://www.cbinsights.com/blogfautonomous-driverless-vehicles-
corporations-listi

best global brands 2016 (n.d.). Retrieved from http://interbrand.comibest-

brand sibest-gl ob al -bran ds/2016irankingitoyotai

Company Overview of Indus Motor Company Limited (n.d.). Retrieved from

http://www.bloomberg.comiresearchistocks/privateisnapshot.asp?privcapld=8
78212

Company Profile. (n.d.). Retrieved from Toyota Indus: httplAinvw.toyota-indus.com

Jurevicius, 0. (2017, march 20). Ford SWOT analysis 2017. Retrieved from

https://winv.strategicmanagementinsight.comiswot-analysesiford-swot-

analysis.html

NDUS MOTOR COMPANY LIMITED. (n.d.). Retrieved from

htips://voinv.emis.comiphpicompany-
profileINMIlndus_Motor_Co_Ltd_en_2438037.html

Profile: Indus Motor Company Ltd (INDM.KA). (n.d.). Retrieved from Reuters:
http://in feuters .comffin an ceistocksicom pan yProfil e?sy mbo I= I N DM. KA

Toyota Global Newsroom. (n.d.). Retrieved from

http://newsroom.toyota.co.jpienitoyota

TOYOTA PRODUCTION SYSTEM (n.d.). Retrieved from

hftps://wynv.lean.orgilexiconitoyota-production-system
 Company Name: Toyota Indus Motors
industry: Automobile Industry

Balance Sheet [Rupees in thousancIll 2016 2015 2014 2013 2011 2011
Assets 'MO UOd 'COD '000 '040 nce
Non•Cur rent Assets
rota ngl b le Assets 19.291 9,727 • • •
Property, Plant and Equipment 4,914986 5,1133,750 6,033,264 2,742,140 3,472,906 4125,710
Longterm Investments 5,005,805 4,954,764
Longterm loans & Advances 3,794 11,096 29,392 131,337 6,015 11)949
Long•term deposits & Prepayments 9.948 9,667 9,667 9,667 • 9222
Other financial assets 7,822
Other Assets - • „
Deferred Income tax asset 1913.621 5,295 34,647 • •
Total Non-Current Assets 10,156,445 1.0., 174.299 5,07 ,323 2.917L791 3,486,743 4,246,881
Current Assets
Stores and spares 153.561 178,599 141,659 153.669 178,188 189,755
Stile k• I n• ira de 7.785.245 6,150,448 4,469,460 7883,309 7,529,571 5,690052
Trade receivables 1,131,702 447,750 1,737,358 1,382,761 1,459,976 1,356,058
Receivables from financial sorvicesVoan and advancesil 13125,490 1,220,574 1005,010 1.557A97 945,498 926,174
Oliver Receivables 191..303 167,757 175,689 162,225 40,569 149,533
ma rk.ela bl,a. debt securities • • • • •
Investments 33696.804 26256.886 4,332,387 6,698,121 2,690,553 4,993,464
Prepayments 45.520 15,919 14.942 10,799 20,965 18,900
Accrued Return 513355 415,829 57.354 12,155 45,355 52,586
Taxation - payment loss provision • 1,216,369 131,363 • 399,006
Other assets • • • • • •
Cash a rod cash equbm lents 2,737.559 5365.388 6,857,084 4,195,302 10,771,300 8,812,199
Total Current As sets 47,380,549 40125,150 20.018.112 22,187,601 24,088.975 2E587;737
Total Assets 57,516,994 50,199.449 26.110.635 15„105„192 27,575.718 26,814,618

Liabilities and Equity 2016 2015 2014 2013 2011 2011

Share Capital &Reserves
Authorised capital 5,006,000 1600,1166 1600000 1000,000' 1,000000 1600,000
kssued, subscribed and paid up share capital 786,006 ' 7861006 786600 786,000 785,000 796,440
Capital Reserves 26.843609 23,249520 19,129.652 16,906,705 15,227,855 13,333,648
Total Equity 27,629,609 24615,520 19,915,652 17,692,708 17,013,858 14,119,648
Non-Cur rent Lia Li I it Is
Deferred tax liabilities 218,949 165,941 454612
Longterm Loans • , • •
Total Non-Current LJabilities • • 218,949 165,941 454,612
Current Liabilities
Trade and other Payables 10,035,145 9,180,705 4,752,853 6,013,852 6,512,451 5,740,569
Advances Iron' -nista rn e rS @ h tl dealers 19.127.350 16192,918 1,7;30.81 1,398$95 3,823,6-41 651%659
_ .,...
Accrued mark-up 134 18.8 420

Taxation • provision less payment 744.8-50 990,306 59,529 -

Short•term Loans - - • -

Total Current Liabilities 29..907.'3a5 26361,929 5,976,014 7,41E684 10,195)919 Lua o s s

Total Liabilities 29..907.'3a5 26361,929 6,194,983 7,41E684 10.561„860 1E714.970

Contingencies & Commitment •

Total Equity and Liabilities 57,516,994 50,399,449 26,110,615 a 105,392 27,575,718 26,814,618

Add N. lo na I Data
2016. 2015 2014 2013 2012 2011

Net Working Capital (CA •C LII 17,473.164 13,861.221 14,062,278 14774,917 13,593,056 14,326,779
15667192.5 13961749.5 14418597.5 14231486.5 12069917.5
Average NWC
54,799,425 45,034,061 19,253,551 20,910,090 16,804,418 18,02E419
Operating Assets
Operating Liabilities 29,907,385 26,363,929 6,194,983 7,412,684 10,561,860 12,714,970
24892,040 18,670,332 13,058,568 13,497,406 6,242,558 5307449
Net Operating ASSQ Is
Average NOA 21781086 1586435 0 13277987 9869982 5775003.5 •

Total I riVe ntory =Stock In Trade +Mores, Spare parts 7,938,806 6,329647 4,611,119 5036.978 7,707,759 5,879.807
_..
7133926.5 5470083 6324045.5 75723613.5 6793753
Average Inventory
4051478,5 6111236 5526193 7483301 9791749,5
Average Receivables
53968221.5 38255042 25608013.5 26340555 27205168
Average Total Assets
25532564.5 21975586 18804180 17353283 15566753
Average Equly

Market Stack P rite (elosIng date) 1,635 1,249 537.Y2 311 245.05 220

Market Value or Equity i 285.asr.3666-)1) 95171400000 42280512000 24444600000 19263288000 17292000006

Lease payments • - - • • •

Loan repayments (current portion of long term debtll Net • • • • - •

Financial Obligation (NFO) 20,714,481 16,260,059 3,654,275 6,998,324 • 181,575 • 578,860

NM Financial Expense (NFE1 3087,159 2,854.914 1,075,062 1,067,136 1,714,767 1,430,763

LEV 0,74972038 0.67650155 0.18348759 0.3955-4849 • 0.01067218 • 0.04099677

Net Borrowing Cost NBC 0,14903434 0.175578222 0.294192965 0.143911028 •9.44384965 •2.47159091

Spread
4L48% 37.90% 19.45% 18.98% 25.29% 19.43%
ROE computed
78,6013,000 78,600,000 78,600,000 78600.000 78,600,000 78,500006
Number of Shares
Book Value per Share 35152 305.80 253.35 225.10 I 215.45 179.64
 Company Name:: Toyota k ndus Motors
Industry:: Automobile Priclustry

rncome Statemerd Cllupeln. in thousa ndll 2016 2015 2014 2013 2011 IOU
DOD '000 'COD 1000 '0I30 '0110
Net Salim 108)7 58,668 96,516322 5 7,06.3,622 63,829,075 76,962,642 61,701677
Cost of Salts 91)02 7,369 82,272,092 51,270,044 57,972,038 70,488,788 57,613,542
Gross Profit 17,731)299 14,244,230 5,793382 50857,037 6361,854 4008 9,135

Distribution Cast 1,060,891 996,017 793,509 814,218 820,39 690,130

Administrative Expenses 930,800 798„616 634,628 643,978 627,673 462,517
Other Expenses 143,840 119A 51 424,010 436.192 516,341 355,7%
2,135331 1,914,164 1,851147 1,894,398 1,964354 1,508,443
Operating. Profit 15,595,768 12,330,666 3,941,435 3,962,639 4,597,500 2,580,691
Workers' Profit Participation Fund and Workers'
Welfare Fund 1,285,491 1,052,411
Net Earnings 14310,177 14177,655 3,941,435 3,961,639 4,597,500 1,580,691
Other nom 0 3,164,440 2,906,797 1,113,316 1,037,840 1,775,748 1450 7,878
Profit from Operation CE13111 17,474,717 14,184452 5,054,751 5,000,479 6,373,248 4,088,570
F I na rim Cast ttnterest Expense) 77,271 51,6E3 38,254 30,704 60381 77,115
Share of Closs)/proilt from assoc [ate
Profit Before Taxation .(E1111 17,397,446 14,132,569 5,016,497 4,969,775 6312,267 4,011,455
Taxation 5,942,506 5,022,31E 1,143,045 1,612,230 2,009352 1,268,071
Profit After Taxation MI after Tax) 11,4540940 9,110,151 3,873,452 3,357,545 4302,715 2,743,384

Earnings Per Share 145,741 115.91 49.281 42,72 54.741 34.91

Additional ;nfo rrn tio n

_ 2016 1 015 2014 20 13 1011 2011
Dividend Per Share 100 80 29,5 25 31 13
Depreciation 21,946 24,804 8,410,087 7,599,411 6,633,030
Ammorlizalion 6,037 2,]21 37,967 37,548 36,241
EBITDA 17,501700 14,211,378 13,511805 12,637,439 13,042,519 4,088,5 70
NO PAT 1150581 718 9143696.239 39029e435 3378288,406 4 344281295 1796121_986
laic RNLO. 0.34157347 03553719 07 02278.57 108 0.314407041 03183 56621 03161124E13
 Company Name: Toyota Indus Motors
Industry:Automobile Industry

Financial hig hi igh Ls or Cash Flow Statement [Rupees in thous and I 2016 2015 I 2014 201_3 2012

Net Cash generaied,f( used I nli from operating acthiltim 11,412,770 28,756,149 5,590,451 148,68 927,978 701,831
Net Cash generated ilused In) from I Frailest' ng activhtles 1_496,S73 - 5,995,115 • 1,168,111 • 4,078,785 2,440,528 • 6%471,556
Net Cash generated /(used' nil from fl na xi rqg activitim • 7,894:662 • 4,889.130 • 1,660538 - 2,645,871 1,409,405 - 1,174,056

Net Increase /,(deceasell In cash a red cash equivalents I 5,014:81 [ 17,365,80.1 I 2,661382 r• 6,575,9913 1,90,101 C. 6,943,781

Cash and Cash Equivalents at the beginning of the year I 24,721,888 8,857,084 I 4,195,301 [ 10,771,344I 4812,19 I 15,755,980

Cash and Cash Equivalents at the end &the Yeas 29,737,50 24,72.2,88B r 5,857,084 [ 4.,195,, 302 141771,300 I 8,812.,1 9
 Company Name! Tovot a Indus Motors
Industry: Automobile Industry

financial Ratios Fmnuia MTh 2M5 2014 21313 202

Current Ratio GU Cl 156424 152576 335311 2 NSI3 19 231716

Quick Ratio fr.A.Irtvertlociiimika 154661 1.47941 318477 2.783E13 222621
I Cash • Marlodzilit Skill Olds • &wails Adah-ralir I
Add-test Ratio I Cal m ! total:Ms 0_13338 022056 1.43815 0.75250 117655

Liquidity Ratios Inventory TO 065 / Avg Inventory 12 .7BEI79 15.04037 8.10715 736399 103E253
Days sales in Inventory 3551 Inventory TO 28.60554] 2426E101 45.02196 4956553 1522305
Reoelvablim TO Net Sales / Average ADECILI rrt Receivables 2634619 15.79326 1032603 857353 7.85995
Days Sales in Receivables 3651 Receivaties TO 1339E98 2311113 3534757 42.79249 4.6.43797
Operating•Cyde Days Irrafruary CUM iamdmi • D.vps Salt; Clutsweing 4120248 4737914 8036953 9235801 8136102

Rerun on Sales NI / Sales LLB% 9.147E 6_79% 5.26% 5.55%

Gross Prolit Margin EP i Sales 1830% 14.76% 10.15% 9.1414. 8.53%
Oyeslailas!rott Malebo EST i Sales 15.00% 14.64% 8.79% 7.79% 8.30%
EBITto Sales EBIT / Sales 16.07% 14.7041- 8_8E14 1.83% E21314
Profitability R Itios EBITDAto Salim EBITDA/ Sales 16.09% 14.72% 23.68% 19.80% 16.95%
Return on kaels(ROA11 MI f AvgTA 2123% 23:81% 33.13% 12.75% 15.82%
Return on Ecitity {ROE) NI / Avg Ectlity 44.34% 41.46% 20.60% 19.35% 27.64%
Rartarn on net operatJng Assets [RNOA I NOPAT /Avg 140A 52_62% 57.64% 24.33% 34.23% 75.23%
Reit urn n o Capital EBIT(1 - Tax Ratel\ Invested Capital 41.64% 38.04% 19.60% 15.09% 25.53%

Liabilitiusto Equity ratio TL/ Equity 1.08244 11396E7 031105 0.41897 0.62678
To lad Leverage Total Debt Jo EBIF DA 1.70873 125513 0.55845 05E657 10.8109813
SD I vency Ratios
EBITDACoverage Ratio EBITDA / In terest Expense 22651059 17331203 3E323901 41158334 213337840
Times Inte rest Earned E811/ biter-et Expense 226.14645 27339306 132_13E53 162E6083 104312133

Salm to Asset tatloits.rmoverl Sales /TA 1.49624 1315(33 2_1E546 254244 2.79095
Asset likklitation& Eff ici ency
Rai LOS Sales to Avg14WC Sales. Avg lii INC 654181 651291 355764 4.48427 6.40826
Sales to Hied Assetatumover Sales I Axed Assets 2210998 14E1932 9.45817 2327716 n_i am

Price Earring Ratio Stuck Price Jo EPS 1122547 113.77560 1631558 727336 4.47716
Market Value Ratios Dividend Yield Dhrldencl Per share / Stock Price 1046112 0.06405 0_05484 0.08039 0.13057
Market to Book Value Stuck Price / Book Value per Share 4.65405 4.08443 2.12298 138162 1.13221
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