T. RAD Co., Ltd. Business Report FY2010

Business Highlights

Financial Overview

(in millions of JPY)
Mar. 2011)
FY2009 Rate of Change (%) Factors
Sales 83,437 65,097 28.2 Looking at sales by industry, automotive sales accounted for 46.8% of the Company's total sales in fiscal year 2010, which ended in March 2011.

Looking at sales by product, sales of radiators accounted for 56.6%, those of fan coils accounted for 10.4%, and those of oil coolers accounted for 10.4% of the Company's total sales.
Operating income 4,765 (157) - -
Ordinary income 4,951 117 4,131.6 -
Net income 4,248 395 975.4 -
Automotive Heat Exchangers
Sales 39,016 35,402 10.2

Although sales of automotive heat exchangers dropped significantly at the headquarters due to the termination of the Japanese eco-car incentive scheme, consolidated sales largely grew thanks to strong sales to the commercial vehicle and mini vehicle markets. By region, sales decreased in North America, while those in Thailand, Indonesia and China were favorable. 


Medium-term Management Plan "T.RAD-9"

(in billions of JPY)
Consolidated sales 73.0 83.4 n/a 110.0
Ordinary profit ratio 4.3% 5.9% n/a 6.0%

>>>Financial Forecast for the Next Fiscal Year (Sales, Operating Income etc.)


R&D Expenditure

(in millions of JPY)
  FY2010 FY2009 FY2008
Japan 1,890 - -
U.S.A 9 - -
Europe 13 - -
Asia 29 - -
China 170 - -
Total  2,114 2,016 2,490

R&D Structure

Facility Location
Research and development center Aichi, Japan
Kanagawa, Japan
Production engineering development center Shiga, Japan


R&D Activities

1. Developing new products and improving existing products
<New business area>
-The Company develops cooling systems for hybrid vehicles, electric vehicles and fuel-cell vehicles in the green-car area.

<Current business areas>
-The Company works to further improve the performance and reduce the size and weight of its existing products, as well as to develop lower cost products. The Company also works to modularize and systemize its cooling system products and develop recyclable products and heat exchangers that improve engine exhaust emissions and fuel economy.

2. Basic Research
-The Company is conducting basic researchon materials and new processing technologies. It is especially focused on stainless-steel materials for heat exchangers, nickel brazing filler metals, surface-treatment methods, and joint-connecting technology.

Licensing of Technology to Other Companies

(As of Mar. 31, 2011)

Contract Contract period
PT. Batarasula Mulia
Manufacturing technology for radiators Dec. 2009 - Dec. 2014
Tata Toyo Radiator Ltd.
Manufacturing technology for Radiators Jan. 2006 - Dec. 2012
Torc Co., Ltd.
Manufacturing technology for radiators Jun. 1990 -
Toyo Heat Exchanger (Qingdao) Co., Ltd.
Manufacturing technology for aluminum heat exchangers Mar. 2005 - Mar. 2013
JHS Taigene Pvt. Ltd.
Manufacturing technology for motors Aug. 2009 - Aug. 2012

Investment Activities

Capital Expenditure

(in millions of JPY)
  FY2010 FY2009 FY2008
Overall  2,589 2,910 6,748

The Company made the following investments, mainly in production facilities to respond to the new orders received in FY2010.
-The Company: 2,115 million JPY
-T.RAD (Thailand) Co., Ltd. (Thailand): 208 million JPY
-PT. T.RAD Indonesia (Indonesia): 94 million JPY

New Facility Installations

(As of Mar. 31, 2011)

-The planned investment in establishing new facilities and making other improvements is 4,363 million yen for FY2011.
Equipment to be installed Planned investment amount
(million JPY)
Starting Planned
Hatano Works
(Kanagawa, Japan)
Equipment to produce radiators, etc. 631 Oct.
Nagoya Works
(Aichi, Japan)
Equipment to produce radiators, etc. 724 Mar.
Shiga Works
(Shiga, Japan)
Equipment to produce radiators, etc. 651 Mar.
T.RAD North America Inc.
(Kentucky, U.S.A)
Equipment to produce radiators, etc. 557 Jan.
Toyo Radiator (Zhongshang) Co., Ltd.
(Guangdong, China)
Equipment to produce radiators, etc. 335 Jan.