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The most respected. The most successful. Delighting customers. Wide range of products. The best people. The best technology.
Mission of Toyota is to provide safe & sound journey. Toyota is developing various new technologies from the perspective of energy saving and diversifying energy sources. Environment has been first and most important issue in priorities of Toyota and working toward creating a prosperous society and clean world.
History:
Indus Motor Company (IMC) is a joint venture between the House of Habib , Toyota Motor Corporation Japan (TMC) , and Toyota Tsusho Corporation Japan (TTC) for assembling, progressive manufacturing and marketing of Toyota vehicles in Pakistan since July 01, 1990. IMC is engaged in sole distributorship of Toyota and Daihatsu Motor Company Ltd. Vehicles in Pakistan through its dealership network. The company was incorporated in Pakistan as a public limited company in December 1989 and started commercial production in May 1993. The shares of company are quoted on the stock exchanges of Pakistan. Toyota Motor Corporation and Toyota Tsusho Corporation have 25 % stake in the company equity. The majority shareholder is the House of Habib. IMC's production facilities are located at Port Bin Qasim Industrial Zone near Karachi in an area measuring over 105 acres. Indus Motor Company's plant is the only manufacturing site in the world where both Toyota and Daihatsu brands are being manufactured. 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. IMC's Product line includes 6 variants of the newly introduced Toyota Corolla, Toyota Hilux Single Cabin 4x2 and 4 versions of Daihatsu Cuore. We also have a wide range of imported vehicles.
Management policy:
We as a team at Indus Motor Company are committed to comply with the requirements of our Integrated Management System and to endeavor to continuously improve upon it in order to: Manufacture high Quality Products. Generate Customer Satisfaction. Provide Service to the Society. Maintain Market Leadership.
Identify and avoid/mitigate those environmental aspects which have negative environmental impacts. Comply with all applicable legal, regulatory and other requirements related to Environment, Health and Safety, Assist society by making the environment more friendly. Design and maintain facilities, establish systems, provide training and conduct operations in a manner that safeguard people and property. Identify, evaluate & mitigate health risks related to our operations that potentially affect our employees, contractors and the public.
Purpose of policy:
The purpose of this policy is to articulate risk management philosophy and the processes and practices that are in place to identify, communicate and manage material risks across the organization. The policy also ensures that responsibilities have been appropriately delegated for risk management.
Policy objectives:
The application of this policy and related procedures will provide the basis for a robust risk management framework which comprises: More confident and rigorous decision making and planning; Better identification of opportunities and threats; Proactive management of opportunities and threats; More effective allocation and use of resources; Improved stakeholder confidence and trust; Improved compliance with relevant legislation; Better corporate governance;
Risk is a factor of ever-day life and can never be eliminated completely. All employees must understand the nature of risk and accept responsibility for risks associated with their area of authority. The necessary support, assistance and commitment of senior management will be provided. The goals of our risk management strategy are as following: Integrate Risk Management into the culture of the organization. Manage risk in accordance with best practice. Consider legal compliance as an absolute minimum. Anticipate and respond quickly to social, environmental and legislative change. Prevent injury and damage and reduce the cost of risk. Raise awareness of the need for risk management.
These objectives will be achieved by: Establishing a Corporate Governance/Risk Management organizational structure to act in an advisory and guiding capacity and which is accessible to all employees. Include Corporate Governance/Risk Management as one of the implications to be considered in every committee report. Adopt processes, which demonstrate that Corporate Governance/Risk Management principles are being applied across the whole organization. Provide training in risk awareness and Corporate Governance. Maintain documented procedures for the control of risk and provision of suitable information, training and supervision. Maintain an appropriate system for recording incidents and carrying out post event checks to ascertain causes and identify preventive measures against reoccurrence. Devise and maintain contingency plans in key risk areas to secure business continuity where there is a potential for an event having a major impact upon the council's ability to function. Maintain effective communication and involvement of all staff and members. Monitor arrangements on an ongoing basis.
Risk management:
The company's activities expose it to a variety of financial risks: price/market risk, credit risk, liquidity risk and cash flow, and fair value interest rate risk. The company's overall risk management programme focuses on the unpredictability of relevant markets and seeks to minimize potential adverse effects on the company's financial performance. The Board of Directors determines the level of risk acceptable to the company by setting limits within which senior managers monitor the company's operations.
Price/Market risk:
This risk arises from adverse movements in the price of derivatives in which the company trades. The company's objective is to be aware, control and minimize this risk. The Company's principal business involves acting as a broker and dealer in commodity derivatives and it holds positions primarily on a back to back basis with clients and brokers. Open trading positions held by the Company are small and largely result from client facilitation activities. Where open positions exist the Company is exposed to adverse price movement in the price of commodities in which it trades and holds positions.
Risk policy:
The company has a policy to create trading limits have been set that take into account each commodity's volatility. These limits are monitored on a daily basis against both marked to market movement and position structure.
Credit risk:
This risk arises from a counterparty defaulting on a contractual obligation involving cash and cash equivalents, deposits with banks and financial institutions, and from derivative financial instruments transactions. In particular, the company operates in a market that is largely driven by providing credit to counterparties and has an objective of being aware of, and controlling, counterparty exposure against limits set down.
Risk policy:
The company has credit policies and procedures in place under its Adequate Credit Management Policy (ACMP) and this helps ensure it deals only with counterparties of suitable credit standing. After considering counterparty's financial results and other
relevant data, all applications for credit lines are submitted to the parent company's credit committee for formal approval, or rejection. Such lines granted are advised to the counterparty and are reviewed at least on an annual basis. All counterparty positions are monitored at least on a daily basis against lines granted. The company calls margin for cover should net exposures covered by netting agreements, exceed the lines granted. It considers its dealings with the present range commodities as one class of financial asset. The company has determined that concentration risk can arise through exposure to any one counterparty or counterparty group, from the industry segment those counterparties are involved in, and from geographic region. Management, however, have in place master netting agreements that reduce the credit exposure significantly and through the netting of assets and liabilities in the event of a default.
Liquidity risk:
This is the risk that the company is unable to meet funding obligations as they fall due. The company's objective is to ensure adequate financial arrangements are in place to prevent this risk occurring. Prudent liquidity risk management requires maintaining sufficient cash, cash equivalent, deposits and adequate bank facilities readily available to fund the company's day to day business.
Risk policy:
Funding levels are reviewed at least annually by the company and account taken of both business plans and market levels to ensure an appropriate level of uncommitted bank facilities are available to support the business.
Risk policy:
Management has set a policy that where the company contracts in a currency other than dollar, that contract is immediately covered with respect to the dollar. The company is also required to sell its dollar income stream for sterling on a monthly basis. The company has receivables and payables in non sterling currencies and the resulting currency exposure within net assets are exposed to currency translation risk.
Operational risk:
This risk is the potential impact of both financial and reputational loss that could arise from failings in operational processes, systems, or internal controls. As a regulated company the reporting and other disciplines required of it ensure a constant awareness and review of operations.
Capital resources
Share capital constitutes the managed capital of the company. Called up share capital and the profit and loss reserve on the balance sheet qualify for inclusion as financial resources for regulatory purposes. In addition, the company can call on subordinated loans from third parties to supplement regulatory capital if required and during the year drew down funds under facilities provided for this purpose. The Company is authorised and regulated by the Financial Services Authority ("FSA"), and is subject to the FSA's minimum capital standards and requirements as applicable to UK Non ISD Firms. These require, inter alias, that a minimum ratio of Capital available to risk weighted Capital Requirements of 100% is maintained at all times. In addition there are concentration and liquidity mismatch calculations and reporting requirements and is measured on a daily basis.
Risk policy:
The Company's sets of objectives, policies and processes relating to the management of capital, and for ensuring that the FSA's minimum capital standards are met. FSA requirements are fully incorporated into capital management objectives, policies and processes.
In addition to this preventative approach to risk Toyota also has a comprehensive Incident Management System where we analyze actual incidents, near misses, hazards or non-conformances. An incident is an unplanned or unexpected impact on the environment such as a spill to sewer or storm water. A near miss is an unplanned or unexpected impact on the environment that almost could have happened such as a spill in a bonded area that was contained. A hazard is a set of circumstances that would make it more likely for an incident to occur, such as the storage of chemicals in unbounded areas. A non-conformance is an observed deviation from the standard operating conditions observed as the result of an audit or inspections.
Conclusion:
Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events to maximize the realization of opportunities. Risk Management is the culture, processes and structures that are directed towards the effective management of potential opportunities and adverse effects within the environment. This Risk policy plays a vital role in our organization stability and growth this policy helps the management a lot in accomplishment of the defined goals. Thus, with the help of this risk policy we are assuming that all the risks of our organizations will be managed to the extent. Incase if any risk re appear management will conduct a Re-assessment of that risk and will try to mitigate that risk.