|
Report Date : |
05.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
SATAKE CORPORATION |
|
|
|
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Registered Office : |
4-7-2 Soto-Kanda Chiyodaku Tokyo |
|
|
|
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Country : |
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|
|
|
|
Financials (as on) : |
29.02.2012 |
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Date of Incorporation : |
December 1939 |
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|
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Com. Reg. No.: |
0100-01-017304
(Tokyo-Chiyodaku) |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturer of rice milling machines, cereal processing
machines |
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|
|
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No. of Employees : |
969 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
JAPAN - ECONOMIC OVERVIEW
In the years following World War
II, government-industry cooperation, a strong work ethic, mastery of high
technology, and a comparatively small defense allocation (1% of GDP) helped
Japan develop a technologically advanced economy. Two notable characteristics
of the post-war economy were the close interlocking structures of
manufacturers, suppliers, and distributors, known as keiretsu, and the
guarantee of lifetime employment for a substantial portion of the urban labor
force. Both features are now eroding under the dual pressures of global
competition and domestic demographic change. Japan's industrial sector is
heavily dependent on imported raw materials and fuels. A tiny agricultural
sector is highly subsidized and protected, with crop yields among the highest
in the world. Usually self-sufficient in rice, Japan imports about 60% of its
food on a caloric basis. Japan maintains one of the world's largest fishing
fleets and accounts for nearly 15% of the global catch. For three decades,
overall real economic growth had been spectacular - a 10% average in the 1960s,
a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed
markedly in the 1990s, averaging just 1.7%, largely because of the after
effects of inefficient investment and an asset price bubble in the late 1980s that
required a protracted period of time for firms to reduce excess debt, capital,
and labor. Measured on a purchasing power parity (PPP) basis that adjusts for
price differences, Japan in 2011 stood as the fourth-largest economy in the
world after second-place China, which surpassed Japan in 2001, and third-place
India, which edged out Japan in 2011. A sharp downturn in business investment
and global demand for Japan's exports in late 2008 pushed Japan further into
recession. Government stimulus spending helped the economy recover in late 2009
and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude
earthquake in March disrupted manufacturing. Electricity supplies remain tight
because Japan has temporarily shut down almost all of its nuclear power plants
after the Fukushima Daiichi nuclear reactors were crippled by the earthquake
and resulting tsunami. Estimates of the direct costs of the damage - rebuilding
homes, factories, and infrastructure - range from $235 billion to $310 billion,
and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has
proposed opening the agricultural and services sectors to greater foreign
competition and boosting exports through membership in the US-led Trans-Pacific
Partnership trade talks and by pursuing free-trade agreements with the EU and
others, but debate continues on restructuring the economy and reining in
Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation,
reliance on exports to drive growth, and an aging and shrinking population are
other major long-term challenges for the economy.
Source : CIA
SATAKE CORPORATION
KK Satake
2-30 Saijo
Nishihonmachi Hiroshima 739-0043 JAPAN
Tel:
082-420-0001 Fax: 082-420-0004
*.. Registered at: 4-7-2 Soto-Kanda Chiyodaku Tokyo
URL: http://www.satake-japan.co.jp/
E-Mail address: kg-hiroshima@satake-japan.co.jp
Mfg of
rice milling machines, cereal processing machines, other
Tokyo, Sapporo, Sendai, Chiba,
Niigata, Nagoya, Osaka, Hiroshima, Matsuyama, Fukuoka, Kumamoto, other (Tot 16)
China (8),
UK, Thailand, India (2), Australia, USA (2), Brazil, Myanmar,
Canada
(--subsidiaries) (see REGISTRATION)
Hiroshima
(3), Iwate (--subsidiary mfrs)
TOSHIKO
SATAKE, PRES & CEO Takeshi
Fukumori, v pres
Kazuyuki
Kihara, mgn dir Hideaki
Matsushima, dir
Kosuke
Sasaki, dir Hideharu
Maruyama, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES GOOD A/SALES Yen 38,692 M
PAYMENTS REGULAR CAPITAL Yen
280 M
TREND STEADY WORTH Yen
27,498 M
STARTED 1939 EMPLOYES 969
MFR SPECIALIZING IN RICE MILLING MACHINES & GRAIN DRYING MACHINES.
FINANCIAL SITUATION CONSIDERED GOOD AND RESPONSIBLE FOR ORDINARY BUSINESS ENGAGEMENTS.
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. Operations cover over 140 countries worldwide.
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)
The sales volume for Feb/2012 fiscal term amounted to Yen 38,692 million, an 8% up from Yen 35,936 million in the previous term. Shipment into China continued increasing, where 8 offices are operated. Small-sized milling machines were in good demand. The recurring profit was posted at Yen 2,017 million and the net profit at Yen 1,291 million, respectively, compared with Yen 2,081 million recurring profit and Yen 1,362 million net profit, respectively, a year ago.
For the current tem ending Feb 2013 the recurring profit is projected at Yen 2,100 million and the net profit at Yen 1,350 million, respectively, on a 3% rise in turnover, to Yen 40,000 million. Business is seen steadily expanding.
The financial situation is considered GOOD and responsible for ORDINARY business engagements.
Date Registered: Dec
1939
Regd No.: 0100-01-017304 (Tokyo-Chiyodaku)
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.
Activities: Manufactures, imports and exports rice processing machines & equipment (--98%), foods (2%)
Exports (20%)
Mfg is consigned to subsidiary mfrs (4).
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
(In Million Yen)
|
Terms Ending: |
28/02/2013 |
29/02/2012 |
28/02/2011 |
28/02/2010 |
|
|
Annual
Sales |
|
40,000 |
38,692 |
35,936 |
34,712 |
|
Recur.
Profit |
|
2,100 |
2,017 |
2,081 |
947 |
|
Net
Profit |
|
1,350 |
1,291 |
1,362 |
945 |
|
Total
Assets |
|
|
40,136 |
38,692 |
41,662 |
|
Current
Assets |
|
|
28,257 |
20,530 |
30,064 |
|
Current
Liabs |
|
|
9,960 |
9,623 |
14,196 |
|
Net
Worth |
|
|
27,498 |
26,237 |
14,196 |
|
Capital,
Paid-Up |
|
|
280 |
280 |
280 |
|
Div.P.Share(¥) |
|
|
18.00 |
18.00 |
18.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
3.38 |
7.67 |
3.53 |
-0.53 |
|
|
Current Ratio |
|
.. |
283.70 |
213.34 |
211.78 |
|
N.Worth Ratio |
.. |
68.51 |
67.81 |
34.07 |
|
|
R.Profit/Sales |
|
5.25 |
5.21 |
5.79 |
2.73 |
|
N.Profit/Sales |
3.38 |
3.34 |
3.79 |
2.72 |
|
|
Return On Equity |
.. |
4.69 |
5.19 |
6.66 |
|
Notes:
Forecast (or estimated) figures for 28/02/2013 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.66 |
|
UK Pound |
1 |
Rs.86.37 |
|
Euro |
1 |
Rs.69.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.