Financial Statement Analysis of Toyota Indus Motors

Financial Analysis of Toyota Indus Motor Company
2017
Ayesha Majid
Lahore School of economics
5/1/2017
Financial Analysis of Toyota Indus
Motor Company
Financial Year 2011-2016

Financial Analysis of Toyota Indus Motor Company i
Table of Contents
Preamble.................................................................................................................... 1
Categories of Financial Ratios Analysed ................................................................ 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 1st 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 creäted 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. Profitability 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.

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.

Toyota Indus Motors
Company Profile
 Industry: Automotive
 Type: Public (Joint venture)
 Stock Symbol: KSE: INDU
 Founded: 1 July 1990
 Registration Number: 0020742
 NTN: 0676546-7
 ISO-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. Nwz/1/P-1,Port
Qasim Authority,Bin Qasim
Karachi
 Website: www.toyota-indus.com
 Legal Form: Limited Liability
Company
 Regulatory Authority:
 Pakistan Automotive
Manufacturers Association
(PAMA)
 The Overseas Investors
Chamber of Commerce &
Industry (OICCI)
 Karachi Chamber of
Commerce & Industry
(KCCI)
 Pakistan Business Council
(PBC)
 Market Leader score: 1st with
three competitors
 Pricing power: High
Financial Profile
 Revenue in PKR (TTM): 108.82bn
 NET INCOME IN PKR: 11.63bn
 Employees: 27700

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. IMC is engaged in
sole distributorship of Toyota and Daihatsu Motor Company Ltd. vehicles in Pakistan.
IMC 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 % 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 60,000
mark in FY16 as demand boomed and has a niche market for Fortuner. Its parent
company Toyota motors stood 5th in world leading global brands 2016.

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 1st May 2017
Index: KMI 30
Market: Karachi Stock Exchange
Ticker: INDU
Market Capital: ₨160,344.00
Book value: ₨ 57,536,994
Enterprise Value: ₨70,071,183
Beta: 1.24
Last Price: ₨2,040.00
Volume: 21,920
Turnover: 16,673,785
52 Week High ₨2,110.00
52 Week Low ₨884.75
Previous Price Close: ₨2,020.27
Previous Price Open: ₨2,000.00
Change: ₨19.73 (+0.98%)
Price to Earnings (P/E TTM): 13.93
Earnings per Share (EPS TTM): 146.46
Dividend Yield: 30 (November 24, 2016)

SWOT Analysis
Strengths Weakness
 skilled workforce
 Customer Loyalty’
 Strong Management
 Kaizen culture practiced
 Financial Leverage
 The most valuable automotive
brand in the world
 Toyota Production System
 Competence in hybrid vehicle
production
 monetary assistance provided by
parent companies
 competitive market
 small business units
 Weak Supply Chain
 High Debt Burden
Opportunities Threats
 global markets
 new products and service
 income level is at a constant
increase
 new products and services
 venture capital
 Fuel prices are expected to rise in
the near future increasing
demand for hybrid cars
 Demand for autonomous vehicles
 Timing and frequency of new
model releases
 Government policy for
revitalization of sick units
 High industry growth rate
 increase in labour costs
 cash flow
 Rising Japanese yen exchange
rate
 Increasing competition in the
worldwide automotive market
 Shift of consumer to imported
used car
 growing competition and lower
profitability
 increase in labour costs
 tax changes
 financial capacity needed
 low barriers of market entry

Industry Analysis
IMC 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 1,808,346. 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.

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

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 “AI 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).

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 due. This is strong point for investors
to invest in Indus motor and least likely with Honda (a major competitor in sedan
category).
0
5
10
15
20
25
30
35
40
45
50
55
60
65
70
75
80
85
90
95
Current Ratio Quick Ratio Acid-test
Ratio
Inventory TO Days Sales in
Inventory
Receivables
TO
Days Sales in
Receivables
Operating
Cycle
Liquidity Ratios
2016 2015 2014 2013 2012

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 1.25 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.

4. Inventory Turnover
2016 2015 2014 2013 2012
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 and/or 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
TIM 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

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 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.

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.
1. Return on Sales
2016 2015 2014 2013 2012
TIM 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.
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
Return on
Sales
Gross Profit
Margin
Operating
Profit
Margin
EBIT to
Sales
EBITDA to
Sales
Return on
Assets
(ROA)
Return on
Equity
(ROE)
Return on
net
operating
Assets
(RNOA)
Return on
Capital
Profitability ratios
2016 2015 2014 2013 2012

3. Operating Profit Margin
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 growth 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% 9.80% 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

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%
IM’s 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.

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).
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 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 D/E 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.
0.0
0.5
1.0
1.5
2.0
Liabilities to Equity ratio Total Leverage
Solvency Ratio
2016 2015 2014 2013 2012
0
50
100
150
200
250
300
350
400
450
EBITDA Coverage Ratio Times Interest Earned
Leverage cover
2016 2015 2014 2013 2012

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
The company has a high TIE indicating towards a good financial health. In addition, is
continuously rising.

Asset Utilization & Efficiency Ratios
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
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
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.
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Sales to Asset ratio (turnover)
Sales to Avg NWC
Sales to Fixed Assets turnover
Asset Utilization & Efficiency Ratios
2012 2013 2014 2015 2016

Market Value Ratios
1. Price Earnings Ratio
2016 2015 2014 2013 2012
P/E 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
The dividend yield is stable and too low to P/E 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
2016 2015 2014 2013 2012
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.
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
11.00
Price Earning Ratio Dividend Yield Market to Book Value
Market Value Ratios
2016 2015 2014 2013 2012

Du-Pont Analysis
2016 2015 2014 2013 2012
ROE=ROA*EM=TAT*PM*EM 0.4146 0.3790 0.1945 0.1898 0.2529
Total Asset Turnover=(Sales/Total Assets) 1.8902 1.9150 2.1855 2.5424 2.7910
Profit Margin=(Net 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
The company’s Total Asset Turnover has decreased over the years because of which
Return on Equity has risen by a lessor gradient as compared to Profit Margin and
Equity Multiplier. The equity multiplier shows the proportion of equity used in financing
assets. It has increased over the years implying a decrease in gearing by the company.
In case of IMC it is not because of injection of fresh capital by parent companies in
2013/14 when the automobile industry of Pakistan faced a downturn. The individual
components of profit margin and total asset turnover needs to be analysed individually
to determine which factor needs the most attention and what is causing in case of
profit margin creeping rise and in case of asset turnover a fall in turnover rate.
0
0.5
1
1.5
2
2.5
3
2016 2015 2014 2013 2012
DuPont Analysis
ROE Total Asset Turnover Profit Margin Equity Multiplier

The asset turnover has decreased because of purchase of intangible assets by IMC
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.

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.

References
#6 Toyota Motor. (n.d.). Retrieved from https://www.forbes.com/companies/toyota-
motor/
(2017, may 1). Retrieved from reuters:
http://uk.reuters.com/business/quotes/overview?symbol=INDM.KA
33 Corporations Working On Autonomous Vehicles. (2016, august 11). Retrieved
from https://www.cbinsights.com/blog/autonomous-driverless-vehicles-
corporations-list/
best global brands 2016. (n.d.). Retrieved from http://interbrand.com/best-
brands/best-global-brands/2016/ranking/toyota/
Company Overview of Indus Motor Company Limited. (n.d.). Retrieved from
http://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=8
78212
Company Profile. (n.d.). Retrieved from Toyota Indus: http://www.toyota-indus.com
Jurevicius, O. (2017, march 20). Ford SWOT analysis 2017. Retrieved from
https://www.strategicmanagementinsight.com/swot-analyses/ford-swot-
analysis.html
NDUS MOTOR COMPANY LIMITED. (n.d.). Retrieved from
https://www.emis.com/php/company-
profile/NM/Indus_Motor_Co_Ltd_en_2438037.html
Profile: Indus Motor Company Ltd (INDM.KA). (n.d.). Retrieved from Reuters:
http://in.reuters.com/finance/stocks/companyProfile?symbol=INDM.KA
Toyota Global Newsroom. (n.d.). Retrieved from
http://newsroom.toyota.co.jp/en/toyota
TOYOTA PRODUCTION SYSTEM. (n.d.). Retrieved from
https://www.lean.org/lexicon/toyota-production-system

Balance Sheet (Rupees in thousand) 2016 2015 2014 2013 2012 2011
Assets '000 '000 '000 '000 '000 '000
Non-Current Assets
Intangible Assets 19,291 9,727 - - - -
Property, Plant and Equipment 4,918,986 5,183,750 6,033,264 2,742,140 3,472,906 4,225,710
Long-term Investments 5,005,805 4,954,764 - - - -
Long-term 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 - 9,222
Other financial assets - - - - 7,822 -
Other Asstes - - - - - -
Deferred income tax asset 198,621 5,295 - 34,647 - -
Total Non-Current Assets 10,156,445 10,174,299 6,072,323 2,917,791 3,486,743 4,246,881
Current Assets
Stores and spares 153,561 178,599 141,659 153,669 178,188 189,755
Stock-in-trade 7,785,245 6,150,448 4,469,460 7,883,309 7,529,571 5,690,052
Trade receivables 1,131,702 447,750 1,737,358 1,382,761 1,459,976 1,356,068
Receivables from financial services(loan and advances) 1,125,490 1,220,574 1,006,010 1,557,897 945,498 926,174
Other Receivables 191,303 167,757 175,689 162,225 447,569 149,533
Marketable debt securities - - - - - -
Investments 33,696,804 26,256,886 4,332,387 6,698,121 2,690,553 4,993,464
Prepayments 45,520 18,919 14,942 10,799 20,965 18,900
Accrued Return 513,355 418,829 87,354 12,155 45,355 52,586
Taxation - payment less provision - - 1,216,369 131,363 - 399,006
Other assets - - - - - -
Cash and cash equivalents 2,737,569 5,365,388 6,857,084 4,195,302 10,771,300 8,812,199
Total Current Assets 47,380,549 40,225,150 20,038,312 22,187,601 24,088,975 22,587,737
Total Assets 57,536,994 50,399,449 26,110,635 25,105,392 27,575,718 26,834,618
Liabilities and Equity 2016 2015 2014 2013 2012 2011
Share Capital & Reserves
Authorised capital 5,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
Issued, subscribed and paid up share capital 786,000 786,000 786,000 786,000 786,000 786,000
Capital Reserves 26,843,609 23,249,520 19,129,652 16,906,708 16,227,858 13,333,648
Total Equity 27,629,609 24,035,520 19,915,652 17,692,708 17,013,858 14,119,648
Non-Current Liabilities
Deferred tax liabilities - - 218,949 - 165,941 454,012
Long-term Loans - - - - - -
Total Non-Current Liabilities - - 218,949 - 165,941 454,012
Current Liabilities
Trade and other Payables 10,035,145 9,180,705 4,252,853 6,013,852 6,512,461 5,740,869
Advances from customers and dealers 19,127,360 16,192,918 1,723,181 1,398,698 3,823,641 6,519,669
Accrued mark-up 134 188 420
Taxation - provision less payment 744,880 990,306 - - 59,629 -
Short-term Loans - - - - - -
Total Current Liabilities 29,907,385 26,363,929 5,976,034 7,412,684 10,395,919 12,260,958
Total Liabilities 29,907,385 26,363,929 6,194,983 7,412,684 10,561,860 12,714,970
Contingencies & Commitment - - - - - -
Total Equity and Liabilities 57,536,994 50,399,449 26,110,635 25,105,392 27,575,718 26,834,618
Additional Data
2016 2015 2014 2013 2012 2011
Net Working Capital (CA -CL) 17,473,164 13,861,221 14,062,278 14,774,917 13,693,056 10,326,779
Average NWC 15667192.5 13961749.5 14418597.5 14233986.5 12009917.5 -
Operating Assets 54,799,425 45,034,061 19,253,551 20,910,090 16,804,418 18,022,419
Operating Liabilities 29,907,385 26,363,929 6,194,983 7,412,684 10,561,860 12,714,970
Net Operating Assets 24,892,040 18,670,132 13,058,568 13,497,406 6,242,558 5,307,449
Average NOA 21781086 15864350 13277987 9869982 5775003.5 -
Total Inventory = Stock in Trade + Stores, Spare parts 7,938,806 6,329,047 4,611,119 8,036,978 7,707,759 5,879,807
Average Inventory 7133926.5 5470083 6324048.5 7872368.5 6793783 -
Average Receivables 4051478.5 6111236 5526193 7483301 9791749.5 -
Average Total Assets 53968221.5 38255042 25608013.5 26340555 27205168 -
Average Equity 25832564.5 21975586 18804180 17353283 15566753 -
Market Stock Price (closing date) 1,636 1,249 537.92 311 245.08 220
Market Value of Equity 128589600000 98171400000 42280512000 24444600000 19263288000 17292000000
Lease payments - - - - - -
Loan repayments (current portion of long term debt) - - - - - -
Net Financial Obligation (NFO) 20,714,481 16,260,069 3,654,275 6,998,324 181,575- 578,860-
Net Financial Expense (NFE) 3,087,169 2,854,914 1,075,062 1,007,136 1,714,767 1,430,763
LEV 0.74972038 0.67650165 0.18348759 0.39554849 0.01067218- 0.04099677-
Net Borrowing Cost NBC 0.14903434 0.175578222 0.294192966 0.143911028 -9.44384965 -2.47169091
Spread
ROE computed 41.46% 37.90% 19.45% 18.98% 25.29% 19.43%
Number of Shares 78,600,000 78,600,000 78,600,000 78,600,000 78,600,000 78,600,000
Book Value per Share 351.52 305.80 253.38 225.10 216.46 179.64
Company Name: Toyota Indus Motors
Industry: Automobile Industry

Income Statement (Rupees in thousand) 2016 2015 2014 2013 2012 2011
'000 '000 '000 '000 '000 '000
Net Sales 108,758,668 96,516,322 57,063,622 63,829,075 76,962,642 61,702,677
Cost of Sales 91,027,369 82,272,092 51,270,040 57,972,038 70,400,788 57,613,542
Gross Profit 17,731,299 14,244,230 5,793,582 5,857,037 6,561,854 4,089,135
Distribution Cost 1,060,891 996,017 793,509 814,228 820,339 690,130
Administrative Expenses 930,800 798,696 634,628 643,978 627,673 462,517
Other Expenses 143,840 119,451 424,010 436,192 516,342 355,796
2,135,531 1,914,164 1,852,147 1,894,398 1,964,354 1,508,443
Operating Profit 15,595,768 12,330,066 3,941,435 3,962,639 4,597,500 2,580,692
Workers’ Profit Participation Fund and Workers’
Welfare Fund 1,285,491 1,052,411
Net Earnings 14,310,277 11,277,655 3,941,435 3,962,639 4,597,500 2,580,692
Other Income 3,164,440 2,906,797 1,113,316 1,037,840 1,775,748 1,507,878
Profit from Operation (EBIT) 17,474,717 14,184,452 5,054,751 5,000,479 6,373,248 4,088,570
Finance Cost (Interest Expense) 77,271 51,883 38,254 30,704 60,981 77,115
Share of (loss)/profit from associate
Profit Before Taxation (EBT) 17,397,446 14,132,569 5,016,497 4,969,775 6,312,267 4,011,455
Taxation 5,942,506 5,022,318 1,143,045 1,612,230 2,009,552 1,268,071
Profit After Taxation (NI after Tax) 11,454,940 9,110,251 3,873,452 3,357,545 4,302,715 2,743,384
Earnings Per Share 145.74 115.91 49.28 42.72 54.74 34.9
Additional Information
2016 2015 2014 2013 2012 2011
Dividend Per Share 100 80 29.5 25 32 15
Depreciation 21,946 24,804 8,420,087 7,599,412 6,633,030
Ammortization 6,037 2,122 37,967 37,548 36,241
EBITDA 17,502,700 14,211,378 13,512,805 12,637,439 13,042,519 4,088,570
NOPAT 11505817.28 9143696.239 3902989.55 3378288.406 4344282.295 2796121.986
Tax Rate 0.34157347 0.355371907 0.227857208 0.324407041 0.318356622 0.316112483

Financial highlights of Cash Flow Statement (Rupees in thousand) 2016 2015 2014 2013 2012 2011
Net Cash generated/(used in) from operating activities 11,412,770 28,750,249 5,590,451 148,658 927,978 701,831
Net Cash generated /(used in) from investing activities 1,496,573 5,995,315- 1,268,131- 4,078,785- 2,440,528 6,471,556-
Net Cash generated /(used in) from financing activities 7,894,662- 4,889,130- 1,660,538- 2,645,871- 1,409,405- 1,174,056-
Net Increase / (decrease) in cash and cash equivalents 5,014,681 17,865,804 2,661,782 6,575,998- 1,959,101 6,943,781-
Cash and Cash Equivalents at the beginning of the year 24,722,888 6,857,084 4,195,302 10,771,300 8,812,199 15,755,980
Cash and Cash Equivalents at the end of the Year 29,737,569 24,722,888 6,857,084 4,195,302 10,771,300 8,812,199

Formula 2016 2015 2014 2013 2012
Current Ratio CA / CL 1.58424 1.52576 3.35311 2.99319 2.31716
Quick Ratio (CA - Inventories)/CL 1.54661 1.47947 3.18477 2.78303 2.22621
Acid-test Ratio
(Cash + Marketable Securities + Accounts Receivable)
/ Current Liabilities 0.12938 0.22050 1.43815 0.75250 1.17655
Inventory TO CGS / Avg Inventory 12.75979 15.04037 8.10715 7.36399 10.36253
Days Sales in Inventory 365/ Inventory TO 28.60550 24.26801 45.02196 49.56553 35.22305
Receivables TO Net Sales / Average Account Receivables 26.84419 15.79326 10.32603 8.52953 7.85995
Days Sales in Receivables 365/ Receivables TO 13.59698 23.11113 35.34757 42.79249 46.43797
Operating Cycle Days Inventory Outstanding + Days Sales Outstanding 42.20248 47.37914 80.36953 92.35801 81.66102
Return on Sales NI / Sales 10.53% 9.44% 6.79% 5.26% 5.59%
Gross Profit Margin GP / Sales 16.30% 14.76% 10.15% 9.18% 8.53%
Operating Profit Margin EBT / Sales 16.00% 14.64% 8.79% 7.79% 8.20%
EBIT to Sales EBIT / Sales 16.07% 14.70% 8.86% 7.83% 8.28%
EBITDA to Sales EBITDA / Sales 16.09% 14.72% 23.68% 19.80% 16.95%
Return on Assets (ROA) NI / Avg TA 21.23% 23.81% 15.13% 12.75% 15.82%
Return on Equity (ROE) NI / Avg Equity 44.34% 41.46% 20.60% 19.35% 27.64%
Return on net operating Assets (RNOA) NOPAT / Avg NOA 52.82% 57.64% 29.39% 34.23% 75.23%
Return on Capital EBIT(1 − Tax Rate)Invested Capital 41.64% 38.04% 19.60% 19.09% 25.53%
Liabilities to Equity ratio TL / Equity 1.08244 1.09687 0.31106 0.41897 0.62078
Total Leverage Total Debt / EBITDA 1.70873 1.85513 0.45845 0.58657 0.80980
EBITDA Coverage Ratio EBITDA / Interest Expense 226.51059 273.91203 353.23901 411.58934 213.87840
Times Interest Earned EBIT / Interest Expense 226.14845 273.39306 132.13653 162.86083 104.51203
Sales to Asset ratio (turnover) Sales / TA 1.89024 1.91503 2.18546 2.54244 2.79096
Sales to Avg NWC Sales / Avg NWC 6.94181 6.91291 3.95764 4.48427 6.40826
Sales to Fixed Assets turnover Sales / Fixed Assets 22.10998 18.61902 9.45817 23.27710 22.16088
Price Earning Ratio Stock Price / EPS 11.22547 10.77560 10.91558 7.27996 4.47716
Dividend Yield Dividend Per share / Stock Price 0.06112 0.06405 0.05484 0.08039 0.13057
Market to Book Value Stock Price / Book Value per Share 4.65405 4.08443 2.12298 1.38162 1.13221
Asset Utilization & Efficiency
Ratios
Liquidity Ratios
Market Value Ratios
Financial Ratios
Profitability Ratios
Solvency Ratios

Company 2016 2015 2014 2013 2012Financial Ratios
Current Ratio Toyota Indus Motors 1.58 1.53 3.35 2.99 2.32
Ghandhara Nissan Motors Limited 2.79 2.86 4.47 2.54 0.60
Pak Suzuki 2.55 2.53 2.98 3.08 2.32
Honda Altas 1.91 1.76 2.56 2.24 1.98
Average 2.21 2.17 3.34 2.71 1.80
Quick Ratio Toyota Indus Motors 1.55 1.48 3.18 2.78 2.23
Pak Suzuki 1.35 0.46 0.62 0.49 0.27
Honda Altas 1.19 1.12 1.33 1.20 0.99
Average 1.34 1.25 1.57 1.37 0.93
Inventory TO Toyota Indus Motors 12.76 15.04 8.11 7.36 10.36
Pak Suzuki 5.17 3.83 4.46 4.75 4.67
Honda Altas 7.97 9.16 6.86 6.83 6.68
Average 7.25 8.19 6.03 6.05 6.44
Days Sales in Inventory Toyota Indus Motors 28.61 24.27 45.02 49.57 35.22
Pak Suzuki 70.54 95.34 81.81 76.76 78.23
Honda Altas 56.00 47.00 66.00 60.00 58.00
Average 54.49 56.57 70.81 72.64 85.24
Receivables TO Toyota Indus Motors 26.84 15.79 10.33 8.53 7.86
Pak Suzuki 58.03 45.95 64.99 128.54 187.15
Honda Altas 269.10 602.92 67.10 36.10 58.64
Average 92.05 171.87 42.12 54.06 74.18
Days Sales in Receivables Toyota Indus Motors 13.60 23.11 35.35 42.79 46.44
Pak Suzuki 62.90 79.40 56.20 28.40 19.50
Honda Altas 3.00 3.60 5.70 5.00 3.60
Average 26.29 30.53 27.81 21.17 19.50
LiquidityRatios
Return on Sales Toyota Indus Motors 0.1053 0.0944 0.0679 0.0526 0.0559
Ghandhara Nissan Motors Limited 0.1091 0.0934 0.0664 0.0055 -0.0619
Pak Suzuki
Honda Altas 0.0890 0.0840 0.0270 0.0080 -0.0320
Average 0.1012 0.0906 0.0538 0.0220 -0.0127
Gross Profit Margin Toyota Indus Motors 0.163 0.148 0.102 0.092 0.085
Pak Suzuki 0.136 0.078 0.064 0.040 0.036
Honda Altas 0.151 0.126 0.073 0.048 -0.027
Average 0.167 0.140 0.104 0.075 0.047
Operating Profit Margin Toyota Indus Motors 0.160 0.146 0.088 0.078 0.082
Pak Suzuki 0.103 0.049 0.046 0.026 0.026
Honda Altas 0.129 0.100 0.055 0.024 -0.021
Average 0.1396 0.1100 0.0729 0.0342 0.0042
EBIT to Sales Toyota Indus Motors 0.1607 0.1470 0.0886 0.0783 0.0828
Pak Suzuki
Honda Altas 0.1290 0.1000 0.0550 0.0240 -0.0210
Average 0.1532 0.1358 0.0886 0.0518 0.0268
EBITDA to Sales Toyota Indus Motors 0.1609 0.1472 0.2368 0.1980 0.1695
Pak Suzuki
Honda Altas 0.1410 0.1190 0.0720 0.0430 0.0190
Average 0.1631 0.1468 0.1436 0.0980 0.0690
Return on Assets (ROA) Toyota Indus Motors 0.2123 0.2381 0.1513 0.1275 0.1582
Pak Suzuki 0.1776 0.0737 0.0819 0.0438 0.0373
Honda Altas 0.2360 0.2410 0.0782 0.0199 -0.0531
Average 0.1922 0.1745 0.0932 0.0489 0.0278
Return on Equity (ROE) Toyota Indus Motors 0.4434 0.4146 0.2060 0.1935 0.2764
Pak Suzuki 0.2661 0.1042 0.1106 0.0629 0.0533
Honda Altas 0.5445 0.8421 0.5680 0.1928 -0.3772
Average 0.4085 0.4615 0.2808 0.1164 -0.0458
Return on net operating Assets (RNOA) Toyota Indus Motors 0.5282 0.5764 0.2939 0.3423 0.7523
Pak Suzuki
Honda Altas 0.3620 0.3100 0.1040 0.0320 0.0340
Average 0.37 0.36 0.16 0.36 0.28
ProfitabilityRatios
Liabilities to Equity ratio Toyota Indus Motors 1.08 1.10 0.31 0.42 0.62
Pak Suzuki
Honda Altas 0.85 1.10 1.64 3.62 2.71
Average 0.95 1.06 0.96 1.81 3.36
Total Leverage Toyota Indus Motors 1.71 1.86 0.46 0.59 0.81
Pak Suzuki 1.52 1.47 1.35 1.35 1.52
Honda Altas 2.04 2.72 5.15 10.89 8.28
Average 1.71 1.84 2.34 5.42 42.10
EBITDA Coverage Ratio Toyota Indus Motors 226.51 273.91 353.24 411.59 213.88
Pak Suzuki
Honda Altas 810.39 240.48 74.11 6.89 2.13
Average 362.59 175.13 144.57 139.90 72.08
Times Interest Earned Toyota Indus Motors 226.15 273.39 132.14 162.86 104.51
Pak Suzuki
Honda Altas 741.79 202.81 56.08 3.75 2.28-
Average 338.03 162.11 64.86 55.94 34.16
SolvencyRatios
Sales to Asset ratio (turnover) Toyota Indus Motors 1.89 1.92 2.19 2.54 2.79
Pak Suzuki
Honda Altas 2.66 2.88 2.85 2.46 1.66
Average 1.93 2.11 1.93 1.95 1.67
Sales to Avg NWC Toyota Indus Motors 6.94 6.91 3.96 4.48 6.41
Ghandhara Nissan Motors Limited 8.83 10.71 21.55 -1.23 -0.93
Pak Suzuki
Honda Altas 13.13 99.03 18.54- 8.90- 4.58-
Average 9.63 38.88 2.32 -1.88 0.30
Sales to Fixed Assets turnover Toyota Indus Motors 22.11 18.62 9.46 23.28 22.16
Pak Suzuki
Honda Altas 15.96 13.38 13.63 9.02 5.10
Average 13.59 11.70 8.19 11.23 9.42
AssetUtilization
&
EfficiencyRatios
Price Earning Ratio Toyota Indus Motors 11.23 10.78 10.92 7.28 4.48
Ghandhara Nissan Motors Limited
Pak Suzuki
Honda Altas 10.12 8.28 7.33 17.06 2.97-
Average 10.67 9.53 9.12 12.17 0.75
Dividend Yield Toyota Indus Motors 0.06 0.06 0.05 0.08 0.13
Pak Suzuki
Honda Altas 0.03 0.03 0.05 0.01 0.00
Average 3.59 3.21 3.08 4.09 0.29
Market to Book Value Toyota Indus Motors 4.65 4.08 2.12 1.38 1.13
Pak Suzuki
Honda Altas 4.53 5.10 3.28 3.03 1.39
Average 4.26 4.13 2.83 2.83 0.94
M
arketValue
Ratios

Financial Statement Analysis of Toyota Indus Motors

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