MIRA INFORM
REPORT
|
Report Date : |
19.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
SATAKE
INTERNATIONAL BANGKOK COMPANY
LIMITED |
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Registered Office : |
8th Floor,
Pathumwan, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
02.12.2005 |
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Com. Reg. No.: |
0135548011234 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and
Distributor of Environmental
System Equipment |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment
Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Company name
SATAKE INTERNATIONAL
BANGKOK COMPANY LIMITED
SUMMARY
BUSINESS ADDRESS : 8th FLOOR,
PATHUMWAN,
TELEPHONE : [66] 2651-5845-7
FAX : [66] 2651-5848
E-MAIL ADDRESS : ning_aimorn@satake-bangkok.com
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2005
REGISTRATION NO.
: 0135548011234
CAPITAL
REGISTERED : BHT.
100,000,000
CAPITAL
PAID-UP : BHT. 29,500,000
FISCAL
YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. YUKIO NISHIKAWA,
JAPANESE
MANAGING DIRECTOR
NO. OF
STAFF : 26
LINES OF
BUSINESS : ENVIRONMENTAL SYSTEM
EQUIPMENT
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT WITH
GOOD PERFORMANCE
HISTORY
The subject
was established on December
2, 2005 as a
private limited company
under the name style SATAKE INTERNATIONAL BANGKOK COMPANY
LIMITED, by Japanese
groups, in order
provide product, equipment
and services for
natural power and
related business to
domestic and oversea
markets. It currently
employs 26 staff.
Subject is
a wholly owned
subsidiary of Satake
Corporation,
The subject’s
registered address is 15th
Floor, 888/152 Mahathun
Plaza, Ploenchit Rd.,
Lumpini, Pathumwan, Bangkok 10330.
On March
2, 2009, it
was relocated to 8th Floor,
Mahathun Plaza, 888/84
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok 10330, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Toshiko Satake |
|
Japanese |
52 |
|
Mr. Takeshi
Fukumori |
|
Japanese |
51 |
|
Mr. Kazuyuki Kihara |
|
Japanese |
53 |
|
Mr. Shoichi Tanaka |
[x] |
Japanese |
52 |
|
Mr. Yukio Nishikawa |
[x] |
Japanese |
61 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Yukio Nishikawa
is the Managing
Director.
He is Japanese
nationality with the
age of 61
years old.
BUSINESS OPERATIONS
The subject’s core business is
engaged in importing
and distributing of
power system equipment
such as Bio-mass
power generation and
equipment for energy
production, such as
composting plants and
biomass power generation
plants, well as
after sale services.
Subject also exports
rice processing machine,
such as rice
polishing machine, rice
milling machine, paddy
separator machine and
spare parts.
PURCHASE
Raw materials and
finished products are
purchased from suppliers
both domestic and
overseas, mainly in
Japan.
MAJOR SUPPLIERS
Satake [
Satake Corporation :
SALES [LOCAL]
Environment
system equipments are
sold and serviced
locally to manufacturers, end-users
and Thai government.
EXPORT
Rice processing machine
is exported to
India, Pakistan, Bangladesh,
Vietnam and Sri
Lanka.
SUBSIDIARY AND AFFILIATED COMPANY
The subject is
not found to
have any subsidiary nor affiliated company
here in Thailand.
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no legal suits filed against the subject
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight or T/T.
Exports are against
T/T.
BANKING
Sumitomo Mitsui Banking
Corporation
Bank of Tokyo-Mitsubishi UFG
Ltd.
EMPLOYMENT
The subject
employs 26 staff.
LOCATION DETAILS
The premise is
rented for administrative office
at the heading
address. Premise is
located in a
prime commercial area.
REMARK
MAXIMUM CREDIT
SHOULD BE GRANTED
AT US$ 500,000.
COMMENT
The subject
was formed in
2005 in order
to produce products
and equipments for
producing electric power
from biomass resources.
Biomass resource is the mass
of living organisms. This may be forest, production of agricultural products and residues remaining in
agriculture such as straw, rice husk,
bagasse, palm shell, coconut shell or
organic wastes from agro-industrial plants
and etc. as well as chicken, pork, cow dung, etc. Waste residues of agricultural and agro-industry,
as well as animal data, these are a
resource that is cheap and easy to find.
Since its
commencement, its business performance
has gradually improved
from strong demand
in domestic market.
Its business has
high potential in
long term prospect.
FINANCIAL INFORMATION
The capital
was registered at
Bht. 6,000,000 divided into 60,000 shares
of Bht. 100
each.
On March
20, 2008, the
capital was increased
to Bht. 52,000,000 divided
into 520,000 shares
of Bht. 100
each.
On March
2, 2009, the
capital was increased
to Bht. 100,000,000
divided into 1,000,000
shares of Bht.
100 each.
THE SHAREHOLDERS LISTED WERE
[as at June
1, 2010] at
Bht. 29,500,000 of
capitalization
|
NAME |
HOLDING |
% |
|
|
|
|
|
Satake Corporation Nationality:
Japanese Address : 7-2
Zotokanta 4, Chome-Shiyoda-ku, |
999,986 |
100.00 |
|
Mrs. Toshiko Satake Nationality:
Japanese Address : 3-31-14
Sannou, Ota-ku, |
10 |
- |
|
Mr. Takeshi Fukumori Nationality:
Japanese Address : 4-28-9
Nakano, Arki-ku, |
1 |
- |
|
Mr. Kazuyuki Kihara Nationality:
Japanese Address : 4-14-801
Sumiyoshi-cho, Naka-ku,
|
1 |
- |
|
Mr. Yukio Nishikawa Nationality:
Japanese Address : 133
Moo 5,
Muang, Pathumthani |
1 |
- |
|
Mr. Shoishi Tanaka Nationality:
Japanese Address : 133
Moo 5,
Muang, Pathumthani |
1 |
- |
Total
Shareholders : 6
NAME OF AUDITOR & CERTIFIED PUBLIC
ACCOUNTANT NO
Ms. Kanda
Kanchanavasutha No. 7812
BALANCE SHEET [BAHT]
The latest
financial figures published
for December 31,
2009 & 2008
were:
ASSETS
|
Current
Assets |
2009 |
2008 |
|
|
|
|
|
Cash in hand
& at Bank
|
170,298,216 |
320,553,270 |
|
Trade Accts. Receivable |
445,370,445 |
363,654,446 |
|
Receivable-Related
Company |
1,886,009 |
821,623 |
|
Inventories
|
30,425,807 |
6,028,525 |
|
Other Current Assets
|
52,656,454 |
73,820,126 |
|
Total Current Assets |
700,636,931 |
764,877,990 |
|
Equity Method |
3,322,070 |
3,480,510 |
|
Fixed Assets
|
8,417,727 |
2,396,911 |
|
Other Assets
|
927,950 |
961,740 |
|
Total Assets |
713,304,678 |
771,717,151 |
LIABILITIES
& SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2009 |
2008 |
|
|
|
|
|
Trade Accts. Payable |
421,882,706 |
423,399,046 |
|
Accrued Expenses |
87,233,725 |
70,067,750 |
|
Loans |
73,658,080 |
109,154,594 |
|
Other Liabilities |
73,953 |
47,313,090 |
|
Total Current Liabilities |
582,848,464 |
649,934,480 |
|
Total Liabilities |
582,848,464 |
649,934,480 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,000,000 &
520,000 shares in 2009 & 2008 respectively |
100,000,000 |
52,000,000 |
|
Capital Paid |
29,500,000 |
17,500,000 |
|
Statutory Reserve |
2,950,000 |
1,750,000 |
|
Retained Earning -
Unappropriated |
98,006,214 |
102,532,671 |
|
Total Shareholders' Equity |
130,456,214 |
121,782,671 |
|
Total Liabilities
& Shareholders' Equity |
713,304,678 |
771,717,151 |
PROFIT & LOSS ACCOUNT
|
|
2009 |
2008 |
|
|
|
|
|
Sales &
Services Income |
1,199,625,401 |
948,455,661 |
|
Other Income |
8,231,997 |
22,833,743 |
|
Total Sales |
1,207,857,398 |
971,289,404 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services
|
883,986,858 |
695,958,132 |
|
Selling Expenses |
132,852,912 |
119,150,927
|
|
Administrative
Expenses |
55,202,156 |
41,017,502 |
|
Total Expenses |
1,072,041,926 |
856,126,561 |
|
Profit Before
Interest Expenses &
Income Tax |
135,815,472 |
115,162,843 |
|
Interest Expenses |
[10,822,821] |
[10,133,586] |
|
Profit Before
Income Tax |
124,992,651 |
105,029,257 |
|
Income Tax |
[38,719,108] |
[35,009,774] |
|
Net Profit / [Loss]
|
86,273,543 |
70,019,483 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2009 |
2008 |
|
|
|
|
|
|
LIQUIDITY
RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.20 |
1.18 |
|
QUICK RATIO |
TIMES |
1.06 |
1.05 |
|
|
|
|
|
|
ACTIVITY
RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
142.51 |
395.70 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.68 |
1.23 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
12.56 |
3.16 |
|
INVENTORY TURNOVER |
TIMES |
29.05 |
115.44 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
135.51 |
139.95 |
|
RECEIVABLES TURNOVER |
TIMES |
2.69 |
2.61 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
174.20 |
222.05 |
|
CASH CONVERSION CYCLE |
DAYS |
(26.12) |
(78.95) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
73.69 |
73.38 |
|
SELLING & ADMINISTRATION |
% |
15.68 |
16.89 |
|
INTEREST |
% |
0.90 |
1.07 |
|
GROSS PROFIT MARGIN |
% |
27.00 |
29.03 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
11.32 |
12.14 |
|
NET PROFIT MARGIN |
% |
7.19 |
7.38 |
|
RETURN ON EQUITY |
% |
66.13 |
57.50 |
|
RETURN ON ASSET |
% |
12.09 |
9.07 |
|
EARNING PER SHARE |
BAHT |
292.45 |
400.11 |
|
|
|
|
|
|
LEVERAGE
RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.82 |
0.84 |
|
DEBT TO EQUITY RATIO |
TIMES |
4.47 |
5.34 |
|
TIME INTEREST EARNED |
TIMES |
12.55 |
11.36 |
|
|
|
|
|
|
ANNUAL
GROWTH |
|
|
|
|
SALES GROWTH |
% |
26.48 |
|
|
OPERATING PROFIT |
% |
17.93 |
|
|
NET PROFIT |
% |
23.21 |
|
|
FIXED ASSETS |
% |
251.19 |
|
|
TOTAL ASSETS |
% |
(7.57) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
27.00 |
Satisfactory |
Industrial Average |
28.31 |
|
Net Profit Margin |
7.19 |
Impressive |
Industrial Average |
(6.03) |
|
Return on Assets |
12.09 |
Impressive |
Industrial Average |
(0.85) |
|
Return on Equity |
66.13 |
Impressive |
Industrial Average |
(7.37) |
Gross Profit Margin used to assess a firm's financial health
by revealing the proportion of money left over from sales after accounting for the
cost of goods sold. Gross profit margin serves as the source for paying
additional expenses and future savings. The company's figure is 27%. When
compared with the industry average, the ratio of the company was lower. This indicated that company was originated from
the problems with control over its
costs.
Net Profit Margin is the indicator of the company's
efficiency in that net profit takes into consideration all expenses of the
company. A low profit margin indicates a low margin of safety, higher risk that
a decline in sales will erase profits and result in a net loss. The company's
figure is 7.19% compared with those of its average competitors in the same
industry, indicated that business was an efficient operator in a dominant position within its industry.
Return on Assets measures how efficiently profits are being
generated from the assets employed in the business when compared with the
ratios of firms in a similar business. A low ratio in comparison with industry
averages indicates an inefficient use of business assets. Return on Assets is
12.09%, higher figure when compared with those of its average competitors in
the same industry, indicated that business was an efficient profit in a dominant position within its industry.
Return on Equity indicates how profitable a company is by
comparing its net income to its average shareholders' equity, ROE measures how
much the shareholders earned for their investment in the company. Return on
Equity is 66.13%, higher figure when compared with those of its average
competitors in the same industry, indicated that business was an efficient
profit in a dominant position within its
industry.
Trend
of the average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY RATIO
|
Current Ratio |
1.20 |
Deteriorated |
Industrial Average |
18.49 |
|
Quick Ratio |
1.06 |
|
|
|
|
Cash Conversion Cycle |
(26.12) |
|
|
|
The Current Ratio is to ascertain whether a company's short-term
assets are readily available to pay off its short-term liabilities. The
company's figure is 1.2 times in 2009, increase from 1.18 times, then it is
generally considered to have good short-term financial strength. When compared
with the industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further
refines the current ratio by measuring the amount of the most liquid current
assets there are to cover current liabilities. The company's figure is 1.06 times
in 2009, increase from 1.05 times, although excluding inventory so the company
still have good short-term financial strength.
The Cash Conversion Cycle measures the number of days a
company's cash is tied up in the production and sales process of its operations
and the benefit from payment terms from its creditors. It meant the company
could survive when no cash inflow was received from sale for -27 days.
Trend
of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.82 |
Impressive |
Industrial Average |
0.57 |
|
Debt to Equity Ratio |
4.47 |
Risky |
Industrial Average |
1.27 |
|
Times Interest Earned |
12.55 |
Deteriorated |
Industrial Average |
48.95 |
Debt to Equity Ratio a measurement of how much suppliers,
lenders, creditors and obligors have committed to the company versus what the
shareholders have committed. A lower the percentage means that the company is
using less leverage and has stronger equity position.
Times Interest Earned measuring a company's ability to meet
its debt obligations. Ratio is 12.55 higher than 1, so the company can pay
interest expenses on outstanding debt.
Debt Ratio shows the proportion of a company's assets which
are financed through debt. The company's figure is 0.82 greater than 0.5, most
of the company's assets are financed through debt.
Trend
of the average competitors in the same industry for last 5 years
Debt Ratio Downtrend
Times Interest Earned Uptrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
142.51 |
Deteriorated |
Industrial Average |
350.50 |
|
Total Assets Turnover |
1.68 |
Impressive |
Industrial Average |
1.28 |
|
Inventory Conversion Period |
12.56 |
|
|
|
|
Inventory Turnover |
29.05 |
Impressive |
Industrial Average |
19.75 |
|
Receivables Conversion Period |
135.51 |
|
|
|
|
Receivables Turnover |
2.69 |
Deteriorated |
Industrial Average |
9.42 |
|
Payables Conversion Period |
174.20 |
|
|
|
Trend of
the average competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Downtrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Company |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.