MIRA
INFORM REPORT
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Report Date : |
05.10.2011 |
IDENTIFICATION DETAILS
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Name : |
SATAKE CORPORATION |
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Registered Office : |
2-30 Saijo Nishihonmachi Hiroshima
739-0043 |
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Country : |
Japan |
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Financials (as on) : |
28.02.2011 |
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Year of Establishment : |
December 1939 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of rice milling machines,
cereal processing machines, other |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen 1,449.9 Million |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
SATAKE CORPORATION
REGD NAME: KK
Satake
MAIN OFFICE: 2-30
Saijo Nishihonmachi Hiroshima 739-0043 JAPAN
Tel: 082-420-0001 Fax: 082-420-0004
TOKYO HEADQUARTERS: 4-7-2 Sotokanda
Chiyodaku Tokyo
URL: http://www.satake-japan.co.jp/
E-Mail address: kg-hiroshima@satake-japan.co.jp
ACTIVITIES
Mfg of rice
milling machines, cereal processing machines, other
BRANCHES
Tokyo, Sapporo,
Sendai, Chiba, Niigata, Nagoya, Osaka, Hiroshima,
Matsuyama,
Fukuoka, Kumamoto, other (Tot 17)
OVERSEAS
China (3), UK (2),
Thailand (2), India, Australia, USA, Brazil, Myanmar,
Canada
(--subsidiaries) (see REGISTRATION)
FACTORIES
Hiroshima (3),
Iwate (--subsidiary mfrs)
OFFICERS
TOSHIKO SATAKE,
PRES & CEO Takeshi Fukumori, v pres
Kazuyuki Kihara,
mgn dir Hideaki
Matsushima, dir Nobuhiro
Matsumoto, dir Kosuke
Sasaki, dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES GOOD A/SALES Yen 35,936 M
PAYMENTS REGULAR CAPITAL Yen
280 M
TREND STEADY WORTH Yen
26,237 M
STARTED 1939 EMPLOYES 870
COMMENT
MFR SPECIALIZING IN RICE MILLING MACHINES & GRAIN DRYING
MACHINES.
FINANCIAL SITUATION CONSIDERED GOOD AND
RESPONSIBLE FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT:
YEN 1,449.9 MILLION, 30 DAYS NORMAL TERMS.
HIGHLIGHTS
The subject company was established originally in 1896 by Riichi Satake
for mfg power driven rice milling machines, Japan’s first of its kind, on his
account. Incorporated in 1939, the firm
has been succeeded by his descendants.
Toshiko Satake is his granddaughter, who took the pres office in Oct
2000. This is a manufacture of a
comprehensive range of individual machines, integrated systems and totally
engineered solutions for the processing of rice, wheat & other grains. Domestically enjoys dominant share of 70% in
rice milling plants, and 50% share in paddy huskers for farmers. Active in overseas expansion with USA,
Thailand, Brazil, China, Australia operations strengthened. USA office was opened in Mar 1980. In Nov 1991. founded UK office to market for
flour mill industry. In Nov 1998, China
operations started. About 30% of the
products are shipped to Zen-Noh (domestic farm coops) nationwide.
Domestic market
shares: Large scale rice mills (70%); country elevators (40%); rice centers
(35%); paddy dryers for farmers (25%); paddy huskers for farmers (50%)
Overseas market
shares for modern rice mills: Mid East & Africa (60%); Asia (70%);
North America (98%); Latin America (50%). (--Given from the company)
FINANCIAL INFORMATION
The sales volume
for Feb/2011 fiscal term amounted to Yen 35,936 million, a 4% up from Yen
34,712 million in the previous term.
Shipment into China increased.
Small-sized milling machines were in good demand. The recurring profit was posted at Yen 2,081
million and the net profit at Yen 1,361 million, respectively, compared with
Yen 947 million recurring profit and Yen 944 million net profit, respectively,
a year ago.
For the current
tem ending Feb 2012 the recurring profit is projected at Yen 2,010 million and
the net profit at Yen 12,470 million, respectively, on a 3% rise in turnover,
to Yen37,000 million. Business seen
steadily expanding.
The financial
situation is considered GOOD and responsible for ORDINARY business
engagements. Max credit limit is
estimated at Yen 1,449.9 million, on 30 days normal terms.
REGISTRATION:
Date Registered: Dec
1939
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 16 million shares
Issued: 4.04 million shares
Sum: Yen 280 million
Major shareholders (%): SS Enterprise
(16), Tohoku Satake Co (9e)
No. of
shareholders: 24
Overseas
subsidiaries: Satake UK Division, ESM (UK) Ltd (--UK); Satake Beijing Office, Satake
Mfg (Suzhou) Co Ltd, Satake System Engineering (Suzhou) Co Ltd (--China);
Satake Bangkok Office; Satake Yangon Office (Myanmar); Satake USA Inc; Satake
Australia Pty Ltd; Satake (Canada) Inc; Satake (Thailand) Co Ltd; Satake
America Latin Ltd (Brazil)
Nothing
detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures,
imports and exports rice processing machines & equipment (--98%), foods
(2%)
Exports
(18%)
Mfg is consigned to subsidiary mfrs
(4). Exports: 20%.
Products: country
elevator, rice milling systems & plants, rice graders, flour milling
system, food processing system (of rice products), grain color sorter,
debranner, roller mill, maize degermer, coffee polisher, other grain processing
machines, kitchen-use rice polishing equipment;
Bio gas plants, ice room systems, abrasives,
motors, fire extinguishers, other industrial machinery;
Emergency foods, instant rice, other.
Clients: [Farm coops,
mfrs, wholesalers] Zen-Noh*(30%), Kubota Corp** (5%),
Marubeni Corp, Mitsui & Co, Sumitomo
Corp, Itochu Corp, Mitsubishi Corp, Mitsubishi Agricultural Machinery, other.
*.. Short for: National Federation of
Agricultural Cooperative Associations.
**.. Largest mfr of agricultural machinery
& equipment, Osaka
No. of accounts:
2,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Tohoku Satake Co, Satake Metals Ind, Satake Electrical Engineering
(-- subsidiaries), Mitsui & Co, Marubeni-Itochu Steel Inc, Matsushita
Electric Ind, Mitsubishi Corp, Chiyoda Corp, other.
Payment record: Regular
Location: Business area in
Hiroshima. Office premises at the
caption address are owned and maintained satisfactorily.
Bank References:
SMBC (Hiroshima)
Bank of Hiroshima
(Saijo)
Relations: Satisfactory
FINANCES
(In Million Yen)
|
Terms Ending: |
28/02/2012 |
28/02/2011 |
28/02/2010 |
28/02/2009 |
|
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Annual
Sales |
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37,000 |
35,936 |
34,712 |
34,896 |
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Recur.
Profit |
|
2,010 |
2,081 |
947 |
717 |
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Net
Profit |
|
12,470 |
12,362 |
945 |
130 |
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Total
Assets |
|
|
38,692 |
41,662 |
40,505 |
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Current
Assets |
|
|
20,530 |
30,064 |
28,765 |
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Current
Liabs |
|
|
9,623 |
14,196 |
28,765 |
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Net
Worth |
|
|
26,237 |
14,196 |
12,355 |
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Capital,
Paid-Up |
|
|
280 |
280 |
280 |
|
Div.P.Share(¥) |
|
|
18.00 |
18.00 |
18.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
2.96 |
3.53 |
-0.53 |
-0.63 |
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Current Ratio |
|
.. |
213.34 |
211.78 |
100.00 |
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N.Worth Ratio |
.. |
67.81 |
34.07 |
30.50 |
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R.Profit/Sales |
|
5.43 |
5.79 |
2.73 |
2.05 |
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N.Profit/Sales |
33.70 |
34.40 |
2.72 |
0.37 |
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Return On Equity |
.. |
47.12 |
6.66 |
1.05 |
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Notes: Forecast (or
estimated) figures for 28/02/2012 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.22 |
|
|
1 |
Rs.76.07 |
|
Euro |
1 |
Rs.65.06 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.