Toyota Financial Services

Toyota Financial Services
Corporate Guide
TFS, the ESSENTIAL Partner
First, I would like to begin by expressing my sincere appreciation to
all our stakeholders for your continued support over the past year.
Toyota Financial Services Corporation (TFSC), wholly owned by
Toyota Motor Corporation (TMC), was established in July 2000 as
a holding company of Toyota’s financial subsidiaries worldwide.
Riki Inuzuka
Group CEO
TFS
Chief Officer
TMC
Sales Finance Business Group
The TFS Group (TFS) mission is, “Provide sound financial services
that contribute to the prosperous life for Toyota customers and
others.” Our efforts for the last 16 years have led to the expansion
of our global network to include more than 35 countries that serve
more than 25 million customers. We are deeply grateful to our
customers and stakeholders for their ongoing support.
Our current business environment remains challenging due to an
economic slowdown in emerging countries, low price of crude oil,
and geopolitical risks. Toyota and Lexus sales did well in the U.S.
and China, however we saw slowing sales in some of the emerging
countries.
Mark S. Templin
Group CMO
TFS
Deputy Chief Officer
TMC
Sales Finance Business Group
TFS has a central role in the new TMC Sales Finance Business
Group. This integrated structure will allow TFS to more easily
support vehicle sales. At TFS we are committed to achieve
“Sustainable Growth,” like the rings of a tree, for our customers and
other stakeholders. We invest in human resource development, risk
management, and are strengthening our balance sheet by
improving profitability. And with an eye on the horizon, we make
5-10 year business plans. We strengthen financial service
development with Telematics Insurance to build “The Future of
Mobility” with Safety, Comfort and Convenience as stated in the
TOYOTA Global Vision.
At TFS, we will both challenge ourselves to create new value for the
TMC automotive business and earnestly strive to exceed customer
expectations to be a company that people choose and trust.
As we move ahead, I look forward to your continued partnership.
Thank you.
1
Toyota Financial Services Corporation is made up of affiliates in more than 35 countries/
locations. Wherever we operate, we conduct business with the highest ethical standards
and a fair and sincere attitude. We aim to have a positive impact in the communities
in which we operate. Our products and services differ from country to country to meet
market conditions and regulatory requirements, but around the world we are a company
focused on delivering quality products that meet our customers’ needs.
MISSION
Provide sound financial services that contribute to
the prosperous life for Toyota customers and others.
VISION
Become the Most Admired Sales Finance Company
in the World.
THE TFS WAY
Challenge
Speed
Unity of Purpose
2
Group Structure
TFS offers a comprehensive financial services lineup that caters to customers’ diverse needs while strengthening the
core auto sales finance operation. By offering customers sound, high-quality financial products and services, TFS aims
to build customers for life by supporting our customers’ life events.
Toyota Motor Corporation
Sales Finance Business Group
（Sales Finance Business Dept.）
Toyota Financial Services Corporation
Japan
USA
・Corporate Management
・Risk Management
Internal /
External
Audit
・Strategic Innovation
Management Office
Steering
Committees
Management Committee
Functional
Committees
TMFNL
Japan
Region
Americas
Region
Europe
Africa
Region
Asia
Pacific
Region
China
Region
Corporate Management
Risk Management
Strategic Innovation
TFS and TMC Sales Finance Business Group
TFS has become a part of TMC as the “Sales Finance Business Group.” This integrates the sales finance business with the
auto business to realize rapid decision-making and better “visualization” of risks.
TFSC Board of Directors and Management Committee
The TFSC Board of Directors is the highest decision-making body of TFS. Management Committee is composed of the TFS
CEO, CMO, CRO, CFO, Region CEOs, and Functional Chief Officers. This advisory council discusses important strategic
matters to help guide to help guide TFS.
Toyota Financial Services International Corporation (TFSIC/USA)
TFS operates both a Japan and a USA headquarters to offer a financial services lineup that caters to customers’ needs.
TFSIC was established in the USA where our knowledge and the most advanced financial services exist. In Japan, TFSC
collaborates with TMC headquarters and is responsible for corporate governance throughout the TFS group.
Regions
TFS operates five regions which are responsible for assessing the market, developing strategy, and supporting the TFS sales
finance companies to best meet the various needs of TFS customers.
Global Functional Groups
TFS further prioritized its business operations with the establishment of three global functional groups to better address
issues of common concern, manage risk, advance strategic innovation, and strengthen corporate governance. The functional
groups are composed of Corporate Management, Risk Management, and Strategic Innovation.
Steering Committees / Functional Committees
The Steering Committees and Functional Committees are designed to enhance corporate governance, promote
standardization, and streamline business operations. Both sets of committees report on key global issues and make
proposals to TFS Management Committee for review and consideration.
3
Japan Region
Toyota Finance Corporation (TFC) was established in 1988, breaking apart from Toyota Motor
Corporation to operate as a captive finance company in Japan.
Since opening its doors, TFC has provided high value-added financial products and services to
authorized Toyota and Lexus dealers, affiliates, partners and our customers in Japan. We have
continued to operate under the commitment to support Toyota sales by providing financial services
as well as customer lifestyle support.
TFC prides itself with a strong corporate philosophy to consider customers as the first priority.
While automobile technologies advance and the area of settlement service expand,TFC is
committed to enhance the Toyota Way of financial services by using predictive modeling to actively
explore new business opportunities.
As we work to further advance in achieving a greater goal, I would very much appreciate your
continued support.
Mitsuru Uno
Mitsuru Uno
CEO, TFS Japan Region
TFC and TMC joint promotion, “Triple Assist” and Unique Products, “ Tsukatte Back”*
Triple Assist
Tsukatte Back (New car loan case)
“ Tsukatte Back”
New and unique products by Toyota
Balloon Finance
Jan.
Tsukatte Back
Feb.
Mar.
Use
300P
800P
500P
1.5 times
¥450
¥1200
¥750
TS CUBIC CARD ！
Cash back
for Auto Loans
TFS Business
P
￥
Points
TOYOTA Insurance
"Tsukatte Back" is a product in
which the Credit Card Points
can be used as cash back for
monthly payments of Auto
Finance.
1Point=JP￥1.5*
Monthly Payment
Jan.
Feb.
Mar.
*1 point=JP￥1.5 is only applied for
new car loan.
Apr.
Office Locations
Auto Finance Business
Hokkaido Branch
(Sapporo)
Individual
Customers
Corporate
Customers
Company Support
Business
Credit Card
Business
Dealers(T/L/DH/Hino)
Headquater (Nagoya)
Chubu Branch (Nagoya)
Nagoya Center
Tohoku Branch
(Sendai)
Chugoku Shikoku
Branch (Okayama)
Equipment Lease
Credit Card
Toyota Home Agency
Insurance
House Loan
Business
Kanto Branch (Tokyo)
Tokyo Center
Kyushu Branch
(Fukuoka)
Kinki Branch (Osaka)
Auto Finance Business
Credit Card Business
House Loan Business
Company Support Business Equipment Lease, Corporate credit card, Insurance
Brand: Toyota, Lexus, Daihatsu, Hino
4
Americas Region
"Representing more than half of Toyota Financial Services’ worldwide managed assets, the
Americas Region makes a significant contribution to the global organization. Our success is
fundamentally based on partnering with Toyota distributors to meet the evolving needs of
dealers and to deliver Always Better Service to attract and retain our shared customers.”
Mike Groff
CEO, TFS Americas Region
Mike Groff
Markets At A Glance*
We have more than 3,600 team members dedicated to serving over 5 million customers, 2,000 dealers and 1,900
wholesale accounts. Combined, the Americas Region has more than US$132 billion in managed assets. With sales
finance companies in Canada, the United States, Brazil, Argentina, Puerto Rico, Mexico and Venezuela, we remain
dedicated to taking action on the unique market challenges and opportunities in our business.
*As of March 31, 2016
5
Unique Products & Services
We are proud to offer unique financial products and services to our customers and dealers, whose satisfaction is the
ultimate achievement. Some examples of our differentiated product offerings include L/Certified in the United States,
Complimentary Maintenance in Puerto Rico, and Guaranteed Auto Protection in Mexico.
L/Certified
(United States)
L/Certified is an enhanced pre-owned Lexus program in which
Lexus Financial Services plays a key role. L/Certified vehicle benefits
include a 2-year warranty with unlimited miles, 2 years of
complimentary maintenance, 24-hour roadside assistance and
available loaner vehicles. LFS further complements the program by
offering supplemental L/Certified Vehicle Service Agreement and
Prepaid Maintenance products.
Complimentary Maintenance
(Puerto Rico)
Toyota Credit de Puerto Rico (TCPR) worked closely with their
Toyota distributor partners to introduce, for the first time ever,
complimentary basic maintenance on select vehicle purchases.
Customers who purchase a new Toyota and finance it with TCPR
enjoy the lower cost of ownership and the peace of mind that comes
with factory-backed services. Toyota dealers also benefit from
additional service and sales retention opportunities.
Guaranteed Auto Protection
(Mexico)
Toyota Financial Services Mexico’s Guaranteed Auto Protection
program provides multiple benefits to customers who have lost their
vehicle due to total damage or theft. Customers can select the
coverage level appropriate for their needs with several options for
the amount of reimbursement. This product provides customers with
a stress-free way to get back into another new Toyota while
supporting retention to both the brand and to dealers.
6
Europe Africa Region
In the Europe Africa Region we continue to grow our business by supporting Toyota and Lexus
sales across 16 markets. Currently, we are pleased to offer a range of branded loan and lease
products to a base of more than 1 million happy customers.
Our endeavor is to support the customer throughout the ownership cycle, leading the way from
its current Toyota or Lexus to the next one. With Toyota Flex, our Trade Cycle Management
process, we are able to deliver affordable and flexible mobility solutions for our customers.
At the same time, we recognize our customers’ behavior is changing very fast due to the influence
of evolving digital technology. This situation has given rise to not only new opportunities, but also
challenges, provoking significant changes in the way we work and engage with our customers.
TFS is committed to strengthen its “Digital maturity” by establishing a solid and consistent
roadmap leading to a Business evolution. This will not only align our overall corporate strategy
with the digital initiatives that will focus our business model toward growth, but also be able to
create a fast and agile company culture around the digital mindset.
To ensure our sustainability in a constantly changing regulatory and market environment, we
continuously strive to improve our foundation in terms of funding, compliance and risk
management.
Hitoshi Watanabe
CEO, TFS Europe & Africa Region
7
Hitoshi Watanabe
TFS initiatives to enhance the customer experience in Europe
Pan-E Finance calculator
Quick customisation of a finance
quotation based
on a selected model.
Research & Discovery
Pay per Drive
TCM with possibility to change all payments during
the contract period, return the vehicle at anytime,
add services, insurance or accessories at anytime.
My Finance Portal
ONE web experience. Seamless user
experience.
Feature rich portal, all services integrated
in a single place.
Servicing &
collection
Purchase &
delivery
Renewal
i-contract
Secure web-based system for signing
finance agreement documentation online.
Online Approval
Easy step for the customer, after customising a
financial offer for a selected car /model , to get a
real time credit approval online.
OnebyOne
SFC and dealer renewal tool which enhance
customer value proposition, increase sales
and dealer profitability (less discount).
Markets at a Glance*
1,283 associates across 16 locations in Europe and Africa service around 1,722 Toyota and Lexus Retailers for whom
TFS provides funding exceeding €2.5 billion. In total, our outstanding customer portfolio numbers exceed 1.2 million
live accounts representing more than €14.7 billion
*As of March 31, 2016
8
Asia Pacific Region
Asia Pacific Region is the fastest growing and most diverse region within Toyota Financial Services.
The regional office was moved from Nagoya, Japan to Bangkok, Thailand to support market
growth and enable enhanced alignment and partnership with our distributors.
TFS offers a customer-driven range of motor vehicle financing products to our diverse customer
base. Market tailored finance offerings range from fleet management in Australia to Islamic
finance in Malaysia. Our team members are focused on being number one in customer satisfaction
through building strong relationships with our customers, dealers and distributors.
Yasuhiro Yomoda
Yasuhiro Yomoda
CEO, TFS Asia Pacific Region
Market At A Glance*
Asia Pacific Region is made up of 10 sales finance companies in Australia, New Zealand, Thailand, Malaysia,
Philippines, Taiwan, Korea, Indonesia, Vietnam and India. Our more than 3,900 team members are dedicated to
serving over 1.7 million customers and a distribution network of more than 1,000 dealers with 750 wholesale accounts.
Asia Pacific Region has more than US$26 billion in managed assets.
*as of April 2016
Collaborative Perspective: Toyota Motor Asia Pacific
The ongoing partnership between the TFS Asia Pacific Region and TMAP-MS has better
positioned Toyota to keep up with the growing and dynamic Asia Pacific market conditions. We
look forward to our continued collaboration in promoting the Toyota Value Story to dealerships
and providing our mutual customers with a Best In Town experience. The move of the TFS Asia
Pacific to Bangkok, Thailand brings the TFSAP team closer to the front lines, where we face
intense competition.
It will also enable more face-to-face meetings between our teams, and help foster innovation
across our respective markets. “
Hao Quoc Tien
Senior Vice President
Toyota Motor Asia Pacific Pte. Ltd.
9
Hao Quoc Tien
Products & Services
Listed below are initiatives designed to meet dealer and customer needs in Asia Pacific Region
TOYOTA Access (Australia)
TCAPMobile (Malaysia)
Toyota Access is an
exciting program that
gives customers an
exceptional level of choice,
confidence, and flexibility
when it comes to buying a
car. With Toyota Access,
you get:
- Assurance of fixed
monthly payments
- Certainty of a
Guaranteed Future Value
- Flexibility to trade, keep,
or return your Toyota TCAPMobile is an iPad application that
streamlines the loan origination process.
Toyota Sales Consultants use TCAPMobile to
obtain faster loan decisions that help
customers start enjoying their new Toyota
much faster than before. Toyota Access makes
owning a Toyota easy
both now and in the future.
1. CAR
Select your new Toyota
2. MILEAGE
Choose your term and the number of
kilometres you expect to travel over
the term
3. DEPOSIT
Nominate the deposit you'd like to
pay, if any
4. ESTIMATE
Toyota Financial Services will
calculate the minimum Guaranteed
Future Value of your new Toyota
5. REPAYMENTS
Toyota Financial Services will then
calculate your monthly repayments, with
a final payment equal to your
Guaranteed Future Value
TCAPMobile is an innovative tool that: - Performs easy loan calculations
- Provides paperless loan applications
- Makes document handling simple (Snap & Send)
- Greatly enhances the speed of credit decisions
- System available online 24/7
- Toyota Dealers can review loan
status in real-time TCAPMobile is just another way
TFS delivers always better
service.
New Business (Vietnam) Car Finance For Corporation
Vietnam’s sales finance market is expected to expand rapidly, driven by national
economic growth of more than 5%, the motorization trend, and advancements in
the financial infrastructure.
In May 2016, TFSVN obtained additional approval to begin Corporate Customer,
or Fleet, lending operations.
Through the business expansion license from the SBV (Central bank), TFSVN will
become the first Captive financing company to provide a full product lineup for both
segments – Individual and Corporate customers – in the market .
Dealer Perspective: Thailand
Toyota Leasing (Thailand) Co., Ltd. (TLT) offers a comprehensive financial services lineup to serve
customers as well as dealers’ diverse needs. TLT has played an important role in supporting
Toyota sales by producing a variety of products, launching various promotional campaigns and
providing support for the used car business. TLT also strives to support dealers by offering
wholesale financing and equipment leasing. The range of products and services TLT offers has
ultimately led to high customer satisfaction. TLT continues to build brand loyalty and customers
for life through its customer retention initiative.
Chokechai Khunwasi
I believe that TLT will maintain their standards and expertise to support their continued strong
relationships with Toyota Motor Thailand Co., Ltd. (TMT) dealers and customers. I highly
recommend TLT as a business partner who supports Toyota's efforts to become Thailand's leader
in market share. As members of the TOYOTA family, the partnership of Dealers, TMT and TLT, we
are all part of the success and sustainable growth in the long run.
Chokechai Khunwasi
Chairman, Toyota Dealer Club
10
China Region
It has been 11 years since Toyota Motor Finance China (TMFCN) was established. During this
period, China has become the world's largest vehicle market with 25 million new vehicle sales.
Together with this market growth, China's business for TFS group has been getting larger. Today, we
have more than 450,000 customers in China using our financial products.
TMFCN and Toyota Motor Leasing China (TMLCN) offer both loan and lease products for a wide
range of customers. We are also making efforts to cultivate a new customer base by providing
financial lectures at dealers and offering a friends referral program in collaboration with distributors
and dealers.
Ichiro Yajima
As One TFS China, we aim to be the Most Admirable Auto Finance Partner and a Partners' First
Choice. To reach this goal, TMFCN and TMLCN are aligned and dedicated to providing better
products and services to bring more smiles to the people of China.
Ichiro Yajima
CEO, TFS China Region
China Region is also actively
participating in CSR activities. This photo
was taken in a suburb of Beijing when
TMFCN Management and volunteer
team visited a primary school for wall
painting in Mar. 2016.
Topic
TMFCN recognized as the 2016 Best Retail Auto Financial Provider in China by J.D. Power Dealer Satisfaction Survey
May 2016, TMFCN was awarded this year’s Best Retail Auto Finance Provider in
China by J.D. Power Dealer Satisfaction Survey. This survey is in its third year
after starting in 2014. The poll was conducted in 78 cities for more than 2,500
dealers and about 48 car brands. More than 20 factors were evaluated, from
product competitiveness and service quality to relationship satisfaction.
Out of 22 candidates including 13 auto finance companies, 5 banks and 4 credit
card companies, TMFCN was chosen as the best. We were not only ranked
number one, but also received a 5 star evaluation. This represents the highest
mark possible.
This accomplishment is not the result of one day’s effort. It represents the continuous efforts from our motivated staff
striving to deliver the best products and services to our customers and dealers. We sincerely appreciate this honor, and as
one of the global TFS companies we will continue our kaizen efforts.
11
Financial and Operational Performance
In the fiscal year that ended in March 2016, and despite a firm recovery in the advanced economies, the global economy
growth remained weak overall due to a downfall in crude oil prices and economic challenges in the emerging countries.
Nevertheless, TFS continued its focus on strengthening relationships and sales support worldwide with Toyota and Lexus
distributors and dealers. These partnerships helped TFS to sustain its strength in the global markets. The global TFS
network is supported by sales finance companies in more than 35 countries that serve over 25 million customers.
TFS also achieved a high level of consolidated profit. These results were mainly supported by business in North America,
Japan, Europe, China and other countries.
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Toyota Financial Services Corporation
Headquarter
Nagoya Lucent Tower 15F
6-1, Ushijima-cho, Nishi-ku,
Nagoya, 451-6015 Japan
Shareholder’s Equity
78.5 Billion yen (paid in capital)
Shareholder
Toyota Motor Corporation (TMC)(100%)
Establishment
July 7, 2000
Number of Associates
100 (As of April 1, 2016)
URL
http://www.tfsc.jp/
Brief History
1982 Toyota Finance Australia Ltd (TFA), (Australia) established
Toyota Motor Credit Corporation (TMCC), (USA) established
1988 Toyota Finance Corporation (TFC), (Japan) established
1996 Expanded to 10 countries/locations
2000 Toyota Financial Services Corporation (TFSC) established
2001 Expanded to 20 countries / locations
2005 Expanded to 30 countries / locations
2015 Expanded to 35 countries / locations
Directors
Riki Inuzuka (President / TMC Chief Officer of Sales Finance Business Group)
Mark S. Templin (TMCC Chairman / TMC Deputy Chief Officer of Sales Finance Business Group)
Takuji Ikuta (Executive Vice President)
Takahiko Ijichi (TMC Executive Vice President)
Yoichi Miyazaki (TMC Managing Officer)
Mitsuru Uno (TFC President)
Audit & Supervisory
Board Members
Mototaka Sato
Masaki Nakatsugawa (TMC Audit & Supervisory Board Member)
Tetsuya Otake (TMC Managing Officer)
Managing Officers
Katsunobu Katayama
Masato Setta
Global Management
Committee Members
Riki Inuzuka (Group CEO)
Mark S. Templin (Group CMO)
Takuji Ikuta (Group CFO & CRO)
Mike Groff (CEO, Americas Region)
Hitoshi Watanabe (CEO, Europe & Africas Region)
Yasuhiro Yomoda (CEO, Asia Pacific Region)
Mitsuru Uno (CEO, Japan Region)
Ichiro Yajima (CEO, China Region)
Masato Setta (CO, Corporate Management)
Katsunobu Katayama (CO, Risk Management)
Chris Ballinger (CO, Strategic Innovation)
As of August 2016
13
Company
Established
Shareholder
USA
Toyota Motor Credit Corporation (TMCC)
October 1982
TFSIC 100%
Puerto Rico
Toyota Credit de Puerto Rico Corporation (TCPR)
January 1996
TMCC 100%
Canada
Toyota Credit Canada Inc. (TCCI)
February 1990
TFSC 100%
Brazil
Banco Toyota do Brasil S.A. (BTB)
January 1999
TFSIC, TMIS(one share)
Venezuela
Toyota Services de Venezuela, C.A.(TSV)
October 2001
TFSIC 100%
Mexico
Toyota Financial Services Mexico, S.A. de C.V. (TFSMX)
October 2001
TFSIC, TMIS(one share)
Argentina
Toyota Compañía Financiera de Argentina S.A. (TCFA)
November 2004
TFSIC 96.7%, TMCC 3.3%
Germany
Toyota Kreditbank GmbH (TKG)
April 1988
TFSC 100%
UK
Toyota Financial Services (UK) PLC (TFSUK)
November 1988
TFSC 100%
Finland
Toyota Finance Finland Oy (TFF)
August 1995
TFSUK 100%
Italy
Toyota Financial Services Italy (TFSI)
May 1997
Branch of TFSUK
Norway
Toyota Financial Services Norway (TFSN)
July 1997
Branch of TKG
France
Toyota Financial Services France (TFSF)
June 1997
Branch of TKG
Sweden
Toyota Financial Services Sweden (TFSSW)
February 2000
Branch of TKG
Poland
Toyota Bank Polska S.A. (TBP)
March 2000
TKG 100%
South Africa
Toyota Financial Services South Africa Ltd. (TFSSA)
April 2000
TFSUK 33.3%, TSA 33.3%, WesInvestment Holdings Ltd. 33.3%
Czech
Toyota Financial Services Czech s.r.o.(TFSCZ)
May 2000
TFSUK 100%
Denmark
Toyota Financial Services Danmark A/S (TFSDK)
March 2002
TFSUK 80.1%, Jyske Finans 19.9%
Hungary
Toyota Financial Services Hungary Zrt. (TFSH)
March 2002
TFSUK 100%
Spain
Toyota Financial Services España (TFSES)
March 2003
Branch of TKG
Slovakia
Toyota Financial Services Slovakia s.r.o. (TFSSK)
January 2005
TFSUK 100%
Russia
AO Toyota Bank (TBR)
April 2007
TKG 99.9%, TLG 0.1%
Kazakhstan
Toyota Financial Services Kazakhstan MFO LLP (TFSKZ)
April 2013
TFSUK 100%
Portugal
Toyota Financial Services Portugal (TFSPT)
June 2016
Branch of TKG
Netherlands
Toyota Motor Finance (Netherlands) B.V. (TMFNL)
August 1987
TFSC 100%
TFSC 100%
Country/Location
Americas
Europe/Africa
* To start operation within FY17
Asia/Pacific
Australia
Toyota Finance Australia Ltd. (TFA)
June 1982
New Zealand
Toyota Finance New Zealand Ltd. (TFNZ)
July 1989
TFSC 54.5%, TFA 45.5%
Thailand
Toyota Leasing (Thailand) Co., Ltd. (TLT)
October 1993
TFSC & TMC Group 87.1%, Others 12.9%
Malaysia
Toyota Capital Malaysia Sdn. Bhd. (TCAPM)
December 2001*
TFSC 70%, UMW30%
Philippines
Toyota Financial Services Philippines Corporation (TFSPH) August 2002
Taiwan
Hotai Finance Corporation (HFC)
December 2002*
TFSC 33.4%, Hozan Investment 66.0%, Others 0.6%
Korea
Toyota Financial Services Korea Co., Ltd. (TFSKR)
February 2005
TFSC 100%
Indonesia
PT Toyota Astra Financial Services (TAFS)
February 2006
TFSC 50%, PT Astra International Tbk 50%
Vietnam
Toyota Financial Services Vietnam Co., Ltd. (TFSVN)
October 2008
TFC 100%
India
Toyota Financial Services India Ltd. (TFSIN)
May 2011
TFSC 100%
Toyota Finance Corporation (TFC)
November 1988
TFSC 100%
Toyota Motor Finance (China) Co., Ltd. (TMFCN)
January 2005
TFSC 100%
Toyota Motor Leasing (China) Co., Ltd. (TMLCN)
January 2013
TFSC 100%
TFSC 60%, GT Capital Holdings, Inc. 40%
Japan
Japan
China
China
* As of the date of capital infusion
As of August 2016
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