TOKYO SHOKO RESEARCH

What TOKYO SHOKO RESEARCH does

Tokyo Shoko Research (株式会社東京商工リサーチ, TSR), founded in 1892, is one of Japan's oldest and largest corporate credit investigation and business information services companies. The firm maintains Japan's largest enterprise database — covering more than 10 million domestic companies and 900,000+ financial records — built and continuously refreshed through direct on-site interviews by field investigators deployed across 81 nationwide branch offices. Through its exclusive Japan partnership with Dun & Bradstreet, TSR extends coverage to over 600 million global companies across 240+ countries via the D-U-N-S Number system, WorldBase, D&B Hoovers, and D&B Global Financials (~45.7M companies). The core technology layer comprises proprietary scoring models: 評点 (Hyouten), a qualitative 5-level enterprise rating, and リスクスコア (Risk Score), a quantitative 12-month bankruptcy probability model derived from decades of historical bankruptcy data; a 2025 addition, TSR Prediction Score, extends prediction to business suspension, dissolution, merger, and revenue-growth events.

The product portfolio is anchored by tsr-van2, a subscription-based internet platform providing 24/7 self-serve access to enterprise information (starting at ¥3,000/month), and TSR REPORT, a comprehensive investigation report covering 200+ evaluation items and priced at ¥15,000–50,000 per report. Adjacent offerings include financial and corporate data files, monitoring services (T-WATCH, T-Yoshin), compliance modules (UBO information, Invoice Registration Number batch service, Corporate Number service, Negative Check), targeting databases, the T-Matching M&A platform, and partner products (D-U-N-S, D&B Registered, Secom SSL). Revenue is generated through three streams: recurring subscriptions (tsr-van2, D&B Registered), transaction-based investigation fees (TSR REPORT, Middle Reports), and data monetization (corporate/financial/startup data files, targeting databases).

TSR serves a horizontally diversified customer base spanning large enterprises (Ricoh, NEC, MS&AD Insurance Group Holdings), regional and commercial banks (Nagasaki Bank, Juroku Bank), SMEs, financial institutions with AML/KYC mandates, government/public entities, and internationally active companies. Distribution combines direct sales through 81 branch offices, online self-serve (tsr-van2, TSR-Eyes), and partner/reseller channels for D&B international products. Demand is partially counter-cyclical: Japanese corporate bankruptcies reached 10,505 cases in FY2025 (a 12-year high), driving credit-report and monitoring-service volume.

Name

TOKYO SHOKO RESEARCH

Legal name

株式会社東京商工リサーチ

Website

https://tsr-net.co.jp

Company type

Private

Founded year

1892

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Tokyo Shoko Research (TSR), founded in 1892, is Japan's largest domestic corporate credit investigation firm, providing enterprise databases, credit reports, proprietary risk scoring, and compliance services to enterprises, financial institutions, and SMEs across 10M+ Japanese and 600M+ global companies.

Ownership category

akta.pro rank

Product category

Corporate Credit Investigation

NAICS

Credit Bureaus (561450), Activities Related to Credit Intermediation (5223)

SIC

Services-Consumer Credit Reporting, Collection Agencies (7320)

akta.pro primary industry

Beneficial Ownership (UBO) & Corporate Registry Verification (KYB) (FSAMAMAK)

akta.pro secondary industry

Case Management, Investigations & SAR/STR Filing (FSAMAMAF)

Keywords

• Corporate credit investigation
• Business information services
• Enterprise risk assessment
• Credit management reports
• Company database services

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Subscription Services: Monthly/annual subscription plans for internet-based enterprise information services (tsr-van2) starting from 3,000 yen/month with minimum charge arrangements.
2. Transaction-based Services: One-time fees for enterprise investigation reports (TSR REPORT), middle reports, and data file sales. Revenue generated per transaction with tiered pricing based on service type.
3. Data Monetization: Sales of various database products including corporate information files, financial data files, startup company files, and industry-specific data packages for marketing and credit management purposes.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

TOKYO SHOKO RESEARCH (TSR) provides corporate credit investigation and business information services, including on-site enterprise investigation reports (TSR REPORT), subscription-based online corporate databases (tsr-van2), proprietary risk scoring systems (Hyouten rating and Risk Score bankruptcy probability), and compliance/KYC services for financial institutions. The company operates Japan's largest-scale enterprise database covering over 10 million domestic companies, supplemented by global data through an exclusive partnership with Dun & Bradstreet covering 600+ million companies across 240+ countries.

Product overview

TOKYO SHOKO RESEARCH operates as a comprehensive B2B corporate information services platform, offering a layered portfolio centered on its flagship tsr-van2 internet service and TSR REPORT investigation product. The core offering combines proprietary domestic company databases (TSR企業情報ファイル, TSR財務情報ファイル, TSR新設法人情報ファイル, TSR営業支援ファイル) with analytical tools (リスクスコア, TSR予測スコア, TSR与信限度額レポート) and monitoring services (T-WATCH, T-与信, モニタリングサービス, ネガティブチェック). Value-added services include compliance tools (インボイス登録番号付与サービス, 法人番号関連サービス, UBO情報, コンプライアンスチェック), and partner international services via D&B (D-U-N-S® Number, D&B D-U-N-S® Registered™, D&B Hoovers, D&B Global Financials). Delivery is through password-protected web portals (tsr-van2), AWS-based data file exports, and online reports (TSR-Eyes, ターゲティングDB, T-Matching).

Differentiator

Problem solved

Functional benefit

Brands

• TSR情報: Bankruptcy information magazine published by Tokyo Shoko Research
• TSR-Eyes
• tsr-van2
• TSR-PLUS
• TSRコンプライアンスチェック
• T-WATCH

Products and services

• tsr-van2 Internet Corporate Information Service Internet-based subscription corporate information service providing 24/7 access to over 7 million domestic Japanese company records and 600+ million global company records, offering credit management, sales marketing, and procurement management functions. Subscription tiers range from 3,000 yen/month (Pack6 for up to 6 IDs) to 50,000 yen/month (Big Pack for 201+ IDs).
• TSR REPORT (Comprehensive Enterprise Investigation Report) Comprehensive domestic company investigation report compiled from on-site interviews by TSR researchers, containing corporate evaluation scores (Hyouten), bankruptcy risk scores (Risk Score), financial statements, and over 200 evaluation items for credit management decisions. Priced from 30,000 to 50,000 yen per report depending on urgency and method.
• T-WATCH (Domestic Company Monitoring Service) Subscription-based monitoring service delivering TSR REPORT updates twice yearly plus real-time email alerts when registered company information (Hyouten rating, risk score, representatives) changes, enabling continuous credit risk monitoring of business partners.
• TSR Financial Information File (TSR財務情報ファイル) Batch financial database product covering 900,000+ companies with 200+ detailed financial data items including balance sheets, profit and loss statements, and cash flow statements. Available in four variants: 単体財務PLUS, 財務分析PLUS, 製造原価明細PLUS, キャッシュフローPLUS. Delivered via AWS-compatible data files.
• TSR Corporate Information File (TSR企業情報ファイル) Customized data extraction service from TSR's domestic company database delivering company information in multiple byte-size layouts (211 to 3,300 bytes) tailored for various use cases from direct mail to full credit analysis. Available via AWS-based file delivery.
• TSR New Company Information File (TSR新設法人情報ファイル) Database of domestic companies established within the past 24 months with 100% capture rate, designed for new customer acquisition targeting fast decision-making new ventures. Available in full (1,024 byte) and simplified (283 byte) layouts.
• TSR Sales Support File (TSR営業支援ファイル) Pre-packaged sales lead database products targeting high-conversion company profiles including venture firms, long-established companies (老舗), anniversary-year companies, foreign-affiliated firms, and exporting/importing companies.
• TSR-Eyes (Premium Company Online Database) Online database of premium and influential domestic companies enabling multi-conditional searches to efficiently extract high-potential prospects from over 10 million company records, designed for sales and marketing targeting of creditworthy enterprises.
• Targeting DB (ターゲティングDB) Database of key decision-maker contacts at domestic companies' IT and corporate planning departments, covering approximately 12,000 companies' IT contacts and 8,800 companies' planning contacts, enabling direct outreach to business key persons for B2B sales.
• D-U-N-S Number Search Service Service for querying, issuing, and managing D-U-N-S Numbers, the global standard nine-digit business identification code covering 600+ million companies worldwide, offered through exclusive D&B partnership.
• D&B Hoovers (Global Company Search Platform) Global company search platform covering 600+ million companies worldwide, supporting overseas sales marketing, procurement cost reduction, and efficiency improvements for Japanese companies with international operations.
• D&B Global Financials Cloud-based global financial database covering approximately 45.7 million companies with standardized balance sheets, profit and loss statements, and financial ratios across all countries, enabling cross-border financial analysis.
• Invoice Registration Number Service (インボイス登録番号付与サービス) Batch service assigning invoice registration numbers to client lists using TSR's domestic company database of 10+ million records and approximately 2.4 million invoice numbers, supporting consumption tax compliance under Japan's invoice system.
• Corporate Number Service (法人番号関連サービス) Batch service assigning Japan's corporate number (企業版MyNumber) to client lists, enabling name standardization and TSR data enrichment for customer database management and compliance operations.
• Ultimate Beneficial Owner (UBO) Information Service Service providing UBO information compliant with Japan's Act on Prevention of Transfer of Criminal Proceeds, including ownership structure diagrams and officer information for AML/CFT compliance at financial institutions.
• Negative Check Service (ネガティブチェック) Service identifying negative information such as lawsuits, administrative penalties, and scandals associated with target companies and their stakeholders, used for due diligence and counterparty risk screening.
• D&B D-U-N-S Registered (Web Authentication Seal Service) Web authentication seal service offered jointly by D&B and TSR, enabling verified companies to display a trust badge on websites, emails, and business cards, certifying real-business existence for global partners. Annual subscription: 26,000-36,000 yen/year.
• Global On-Site Visit Report (グローバル現地訪問レポート) Service verifying existence and operational status of business locations worldwide through Confirmis partnership, supporting companies with overseas transactions or global expansion.
• T-Matching (M&A and Business Opportunity Platform) Platform connecting companies for M&A transactions, business asset sales, investment, partnerships, and outsourcing opportunities.

Quantifiable outcome

• Accurate credit decisions through comprehensive enterprise investigation covering 200+ evaluation items
• +2 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• The Dun and Bradstreet Corporation (D&B)coreTechnology or Integration · 1 January 1892Global strategic partnership with Dun & Bradstreet for D-U-N-S Number issuance and WorldBase database access. TSR serves as the exclusive Japan partner for D&B's global enterprise identification system, providing access to over 600 million global company records and enabling international credit verification services.
• D&B World Wide NetworkcoreTechnology or Integration · 1 January 1892TSR is part of the D&B World Wide Network, a global alliance covering over 240 countries and regions. This partnership enables cross-border enterprise information services and data exchange for international trade and credit assessment.
• Secom Trust Systems (セコムトラストシステムズ)minorChannel Partner/ Reseller/ Distributor · 1 January 1892Partnership for SSL server certificate services. TSR offers Secom's 'Secom Passport for Web' SSL certificates at special pricing to customers, with simplified application process for registered TSR enterprise information customers.
• Yano Research Institute (矢野経済研究所)minorChannel Partner/ Reseller/ Distributor · 1 January 1892Partnership for distributing Yano Research Institute's market reports and company market share data through TSR's tsr-van2 platform, providing industry analysis and market intelligence to TSR customers.

Scale indicators7 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Teikoku Databank (帝国データバンク): Japan's other dominant enterprise credit bureau and TSR's primary domestic competitor. Teikoku Databank operates a comparable nationwide field-investigation network and corporate credit database, mirroring TSR's products (TDB REPORT, TDB View) and serving the same enterprise and financial-institution customers.
• Dun & Bradstreet: TSR's exclusive Japan partner and global enterprise information leader. D&B operates the WorldBase database (600M+ companies) and the D-U-N-S Number standard; TSR is both a distribution partner and a functional counterpart for Japan-anchored enterprise credit intelligence.
• Bureau van Dijk (Moody's): Global provider of entity-level business information (Orbis, Moody's) widely used for corporate KYC, UBO, and credit investigation. Competes with TSR's TSR REPORT and D&B-backed products for enterprise counterparty due diligence, especially on cross-border mandates.
• Creditsafe: International business credit reporting and KYC/AML data provider offering credit reports, UBO data, and monitoring APIs. Competes with TSR's tsr-van2 and T-WATCH products for SME credit intelligence and compliance use cases.
• CRIF: Italy-headquartered credit bureau and business information group serving banks, corporates, and credit management firms across Europe and Asia. Overlaps with TSR in enterprise credit reporting, UBO verification, and SME credit scoring.
• Cerved: Italy's leading business information and credit bureau operator providing corporate credit reports, UBO data, and marketing databases. Comparable model to TSR's hybrid of credit investigation plus data-file sales.

Broad incumbents

• Experian Business (Experian): Global credit bureau with a substantial commercial/business-information unit serving enterprise credit and KYC use cases. Overlaps with TSR's enterprise investigations and compliance offerings but as part of a much broader consumer-credit and analytics portfolio.
• Equifax Workforce & Business Solutions (Equifax): Major global bureau operating a business information division that covers commercial credit reports and UBO/AML data. Competes broadly with TSR's offerings but is anchored to North American and global markets.

Regional players

• China Credit Information Service (中華徴信所): Taiwan's leading enterprise credit investigation agency, structurally analogous to TSR with direct-investigation methodology and a national branch network. Regional overlap in East Asian cross-border KYC and counterparty credit mandates but does not compete directly inside Japan.

Others

• Coface: Global trade credit insurance and business information provider. Coface's commercial credit intelligence and country-risk data sit adjacent to TSR's enterprise credit investigation offerings, particularly for cross-border buyer credit assessment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/TSR_NEWS
• YouTubeyoutube.com/c/Tsr-netCoJp
• Facebookfacebook.com/tsrnet
• LinkedInlinkedin.com/company/tokyo-shoko-research-ltd-

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TOKYO SHOKO RESEARCH