MIRA INFORM REPORT
|
Report Date : |
17.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
SATAKE
INTERNATIONAL BANGKOK COMPANY
LIMITED |
|
|
|
|
Registered Office : |
8th
Floor, Mahathun Plaza
Building, 888/84 Ploenchit Road,
Lumpini, Pathumwan, Bangkok
10330 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
02.12.2005 |
|
|
|
|
Com. Reg. No.: |
0135548011234 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Distributor of Environmental System Equipment |
|
|
|
|
No. of Employee: |
26 |
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 |
|
Payment
Behaviour : |
Usually Correct |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Thailand |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
SATAKE INTERNATIONAL
BANGKOK COMPANY LIMITED
SUMMARY
BUSINESS
ADDRESS : 8th FLOOR,
MAHATHUN PLAZA BUILDING,
888/84 PLOENCHIT
ROAD, LUMPINI,
PATHUMWAN, BANGKOK
10330
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, EXPORTER
AND DISTRIBUTOR
CORPORATE PROFILE
OPERATING
TREND : STABLE
PRESENT
SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
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, Japan.
The subject’s registered address was 15th
Floor, Mahathun Plaza, 888/152 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 |
|
|
|
|
|
|
Mrs. 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,
composting plants and
biomass power generation
plants, as well as
after sale services.
Subject also exports
rice processing machine,
such as rice
polishing machine, rice
milling machine, paddy
separator machine, milling
separator machine and
spare parts.
MAJOR BRAND
“SATAKE”
PURCHASE
Raw materials and finished products are purchased from suppliers both domestic and overseas, mainly in Japan.
MAJOR SUPPLIERS
Satake [Thailand] Co.,
Ltd. :
Thailand
Satake Corporation :
Japan
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 or 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
for the past
two years.
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 UFJ
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$
1,000,000.
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 resources
that are 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, Tokyo, Japan |
999,986 |
100.00 |
|
Mrs. Toshiko Satake Nationality: Japanese Address : 3-31-14
Sannou, Ota-ku, Tokyo,
Japan |
10 |
- |
|
Mr. Takeshi Fukumori Nationality: Japanese Address : 4-28-9
Nakano, Arki-ku, Hiroshima, Japan |
1 |
- |
|
Mr. Kazuyuki Kihara Nationality: Japanese Address : 4-14-801
Sumiyoshi-cho, Naka-ku,
Hiroshima, Japan |
1 |
- |
|
Mr. Yukio Nishikawa Nationality: Japanese Address : 133
Moo 5, Tivanont
Rd., Bangkradee, Muang, Pathumthani |
1 |
- |
|
Mr. Shoishi Tanaka Nationality: Japanese Address : 133
Moo 5, Tivanont
Rd., Bangkradee, 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, 2010
& 2009 were:
ASSETS
|
Current Assets |
2010 |
2009 |
|
|
|
|
|
Cash and Cash Equivalent |
220,266,033 |
170,298,216 |
|
Trade Accounts Receivable |
241,687,696 |
445,370,445 |
|
Receivable-Related Company |
503,501 |
1,886,009 |
|
Inventories |
76,279,659 |
30,425,807 |
|
Other Current Assets
|
6,026,351 |
52,656,454 |
|
Total Current Assets
|
544,763,240 |
700,636,931 |
|
Equity Method |
3,000,630 |
3,322,070 |
|
Fixed Assets |
6,544,526 |
8,417,727 |
|
Other Assets |
1,108,185 |
927,950 |
|
Total Assets |
555,416,581 |
713,304,678 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2010 |
2009 |
|
|
|
|
|
Trade Accounts Payable |
222,950,369 |
421,882,706 |
|
Accrued Expenses |
56,586,302 |
87,233,725 |
|
Loans |
50,000,000 |
73,658,080 |
|
Other Liabilities |
- |
73,953 |
|
Total Current Liabilities |
329,536,671 |
582,848,464 |
|
Total Liabilities |
329,536,671 |
582,848,464 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
Share capital : Baht 100
par value authorized, issued
and fully paid share
capital 1,000,000 shares |
100,000,000 |
100,000,000 |
|
Capital Paid |
29,500,000 |
29,500,000 |
|
Statutory Reserve |
4,005,790 |
2,950,000 |
|
Retained Earning -
Unappropriated |
192,374,120 |
98,006,214 |
|
Total Shareholders' Equity |
225,879,910 |
130,456,214 |
|
Total Liabilities & Shareholders' Equity |
555,416,581 |
713,304,678 |
PROFIT & LOSS ACCOUNT
|
Sale |
2010 |
2009 |
|
|
|
|
|
Sales & Services
Income |
1,376,802,051 |
1,199,625,401 |
|
Other Income |
31,593,291 |
8,231,997 |
|
Total Sales |
1,408,395,342 |
1,207,857,398 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold & Services
|
1,019,325,992 |
883,986,858 |
|
Selling Expenses |
152,602,759 |
132,852,912 |
|
Administrative Expenses |
57,366,831 |
55,202,156 |
|
Total Expenses |
1,229,295,582 |
1,072,041,926 |
|
Profit Before Interest Expenses
& Income Tax |
179,099,760 |
135,815,472 |
|
Interest Expenses |
[11,653,876] |
[10,822,821] |
|
Profit Before Income Tax |
167,445,884 |
124,992,651 |
|
Income Tax |
[51,962,188] |
[38,719,108] |
|
Net Profit / [Loss] |
115,483,696 |
86,273,543 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2010 |
2009 |
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
CURRENT RATIO |
TIMES |
1.65 |
1.20 |
|
QUICK RATIO |
TIMES |
1.40 |
1.06 |
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
210.37 |
142.51 |
|
TOTAL ASSETS TURNOVER |
TIMES |
2.48 |
1.68 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
27.31 |
12.56 |
|
INVENTORY TURNOVER |
TIMES |
13.36 |
29.05 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
64.07 |
135.51 |
|
RECEIVABLES TURNOVER |
TIMES |
5.70 |
2.69 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
79.83 |
174.20 |
|
CASH CONVERSION CYCLE |
DAYS |
11.55 |
(26.12) |
|
|
|
|
|
|
PROFITABILITY
RATIO |
|
|
|
|
COST OF GOODS SOLD |
% |
74.04 |
73.69 |
|
SELLING & ADMINISTRATION |
% |
15.25 |
15.68 |
|
INTEREST |
% |
0.85 |
0.90 |
|
GROSS PROFIT MARGIN |
% |
28.26 |
27.00 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
13.01 |
11.32 |
|
NET PROFIT MARGIN |
% |
8.39 |
7.19 |
|
RETURN ON EQUITY |
% |
51.13 |
66.13 |
|
RETURN ON ASSET |
% |
20.79 |
12.09 |
|
EARNING PER SHARE |
BAHT |
391.47 |
292.45 |
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
DEBT RATIO |
TIMES |
0.59 |
0.82 |
|
DEBT TO EQUITY RATIO |
TIMES |
1.46 |
4.47 |
|
TIME INTEREST EARNED |
TIMES |
15.37 |
12.55 |
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
SALES GROWTH |
% |
14.77 |
|
|
OPERATING PROFIT |
% |
31.87 |
|
|
NET PROFIT |
% |
33.86 |
|
|
FIXED ASSETS |
% |
(22.25) |
|
|
TOTAL ASSETS |
% |
(22.13) |
|
PROFITABILITY RATIO
|
Gross Profit Margin |
28.26 |
Satisfactory |
Industrial
Average |
28.39 |
|
Net Profit Margin |
8.39 |
Impressive |
Industrial
Average |
(1.52) |
|
Return on Assets |
20.79 |
Impressive |
Industrial
Average |
4.54 |
|
Return on Equity |
51.13 |
Impressive |
Industrial
Average |
13.34 |
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 28.26%. 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 8.39%,
higher figure when 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 ratio is 20.79%, 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 ratio
is 51.13%, 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 Uptrend
Return on Equity Uptrend
LIQUIDITY RATIO
|
Current Ratio |
1.65 |
Deteriorated |
Industrial
Average |
19.40 |
|
Quick Ratio |
1.40 |
|
|
|
|
Cash Conversion Cycle |
11.55 |
|
|
|
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 1.65 times in 2010, increase from 1.2 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 1.4 times in 2010,
increase from 1.06 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 12 days.
Trend of the
average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE RATIO
|
Debt Ratio |
0.59 |
Acceptable |
Industrial
Average |
0.48 |
|
Debt to Equity Ratio |
1.46 |
Risky |
Industrial
Average |
1.09 |
|
Times Interest Earned |
15.37 |
Deteriorated |
Industrial
Average |
57.57 |
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 a stronger equity position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is 15.37 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 0.59 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 Downtrend
ACTIVITY RATIO
|
Fixed Assets Turnover |
210.37 |
Deteriorated |
Industrial
Average |
466.47 |
|
Total Assets Turnover |
2.48 |
Impressive |
Industrial
Average |
1.64 |
|
Inventory Conversion Period |
27.31 |
|
|
|
|
Inventory Turnover |
13.36 |
Deteriorated |
Industrial
Average |
27.84 |
|
Receivables Conversion Period |
64.07 |
|
|
|
|
Receivables Turnover |
5.70 |
Acceptable |
Industrial
Average |
10.07 |
|
Payables Conversion Period |
79.83 |
|
|
|
Trend of the average
competitors in the same industry for last 5 years
Fixed Assets Turnover Uptrend
Total Assets Turnover Uptrend
Inventory Turnover Uptrend
Receivables Turnover Uptrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
UK Pound |
1 |
Rs.77.45 |
|
Euro |
1 |
Rs.64.89 |
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 Business |
---- |
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.