Toyota Indus Motor Company is a public automotive company based in Karachi, Pakistan. It is a joint venture between Toyota Motor Corporation, Toyota Tsusho Corporation, and House of Habib. The document provides an overview of the company's profile, mission, vision, strengths, weaknesses, opportunities, threats, industry analysis, and ratio analysis including liquidity, profitability, leverage, asset utilization, and market value ratios for the years 2016-2012.

1. Toyota Indus Motor Company
Financial Statement Analysis

2. 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

3. Cont’d
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.

4. SOWT 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
 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
 tax changes
 financial capacity needed
 low barriers of market entry

5. Industry Analysis
• oligopoly market structure operating at price-oriented model
• The leading manufacturing Parents: Toyota, Suzuki and Honda
• record peak of 1,808,346- in 2006/7
• PAMA (Pakistan Automotive Manufacturers Association),
• PAAPAM (Pakistan Association of Automotive Parts and
Accessories Manufacturers)
• APMA (Association of Pakistan Motorcycle Assemblers).

6. RATIO ANALYSIS

7. 1.58
1.55
0.13
12.76
28.61
26.84
13.60
42.20
1.53
1.48
0.22
15.04
24.27
15.79
23.11
47.38
3.35
3.18
1.44
8.11
45.02
10.33
35.35
80.37
2.99
2.78
0.75
7.36
49.57
8.53
42.79
92.36
2.32
2.23
1.18
10.36
35.22
7.86
46.44
81.66
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

8. 10.53%
16.30%
16.00%
16.07%
16.09%
21.23%
44.34%
52.82%
41.64%
9.44%
14.76%
14.64%
14.70%
14.72%
23.81%
41.46%
57.64%
38.04%
6.79%
10.15%
8.79%
8.86%
23.68%
15.13%
20.60%
29.39%
19.60%
5.26%
9.18%
7.79%
7.83%
19.80%
12.75%
19.35%
34.23%
19.09%
5.59%
8.53%
8.20%
8.28%
16.95%
15.82%
27.64%
75.23%
25.53%
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

9. 1.08244
1.70873
1.09687
1.85513
0.31106
0.45845
0.41897
0.58657
0.62078
0.80980
LIABILITIES TO EQUITY RATIO TOTAL LEVERAGE
Solvency Ratio
2016 2015 2014 2013 2012
226.51 226.15
273.91 273.39
353.24
132.14
411.59
162.86
213.88
104.51
EBITDA COVERAGE RATIO TIMES INTEREST EARNED
Leverage cover
2016 2015 2014 2013 2012

10. 1.89
6.94
22.11
1.92
6.91
18.62
2.19
3.96
9.46
2.54
4.48
23.28
2.79
6.41
22.16
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
2016 2015 2014 2013 2012

11. 11.23
0.11
2.67
10.78
0.06
4.08
10.92
0.05
2.12
7.28
0.08
1.38
4.48
0.13
1.13
PRICE EARNING RATIO DIVIDEND YIELD MARKET TO BOOK VALUE
Market Value Ratios
2016 2015 2014 2013 2012

12. 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
0.4146 0.379
0.1945 0.1898
0.2529
1.8902 1.915
2.1855
2.5424
2.791
0.1053 0.0944 0.0679 0.0526 0.0559
2.0824 2.0969
1.3111 1.419
1.6208
2016 2015 2014 2013 2012
DuPont Analysis
ROE Total Asset Turnover Profit Margin Equity Multiplier