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Report Date : |
31.05.2014 |
IDENTIFICATION DETAILS
|
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) : |
28.12.2014 |
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Date of Incorporation : |
December 1939 |
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Com. Reg. No.: |
0100-01-017304 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufacturing of rice milling
machines, cereal processing machines, other |
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No. of Employees : |
980 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 small agricultural sector is highly subsidized and protected, with
crop yields among the highest in the world. While self-sufficient in rice
production, Japan imports about 60% of its food on a caloric basis. 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. Modest economic growth continued after 2000, but the
economy has fallen into recession three times since 2008. A sharp downturn in
business investment and global demand for Japan's exports in late 2008 pushed
Japan 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 and the ensuing tsunami in March disrupted
manufacturing. The economy has largely recovered in the two years since the
disaster, but reconstruction in the Tohoku region has been uneven. Prime
Minister Shinzo ABE has declared the economy his government's top priority; he
has overturned his predecessor's plan to permanently close nuclear power plants
and is pursuing an economic revitalization agenda of fiscal stimulus, monetary
easing, and structural reform. Japan joined the Trans Pacific Partnership
negotiations in 2013, a pact that would open Japan's economy to increased
foreign competition and create new export opportunities for Japanese
businesses. Measured on a purchasing power parity (PPP) basis that adjusts for
price differences, Japan in 2013 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 2012. The new government will continue a
longstanding debate on restructuring the economy and reining in Japan's huge
government debt, which is exceeding 230% of GDP. To help raise government
revenue and reduce public debt, Japan decided in 2013 to gradually increase the
consumption tax to a total of 10% by the year 2015. Japan is making progress on
ending deflation due to a weaker yen and higher energy costs, but reliance on
exports to drive growth and an aging, shrinking population pose other major
long-term challenges for the economy
|
Source
: CIA |
SATAKE CORPORATION
REGD NAME: KK
Satake
MAIN OFFICE: 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, as given
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 17)
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
Kazuyoshi Kihara, s/mgn dir
Hideaki Matsushima, dir
Kosuke Sasaki, dir
Hideharu Maruyama, dir
Yen
Amount: In million Yen, unless
otherwise stated
FINANCES GOOD A/SALES Yen 39,977 M
PAYMENTS No complaints CAPITAL Yen
280 M
TREND STEADY WORTH Yen
29,119 M
STARTED 1939 EMPLOYES 980
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. About 30% of the products are shipped to
Zen-Noh (domestic farm coops) nationwide.
Operations cover over 140 countries worldwide.
The sales volume for Feb/2013
fiscal term amounted to Yen 39,977 million, a 3% up from Yen 38,692 million in
the previous term. The recurring profit
was posted at Yen 2,380 million and the net profit at Yen 1,691 million,
respectively, compared with Yen 2,017 million recurring profit and Yen 1,291
million net profit, respectively, a year ago.
For
the tem that ended Feb 2014 the recurring profit was projected at Yen 2,400
million and the net profit at Yen 1,750 million, respectively, on a 5% rise in
turnover, to Yen 41,900 million. Final
results are yet to be released.
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 (9)
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 (--97%), foods (3%)
Exports (15%)
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: No complaints
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: |
28/02/2014 |
28/02/2013 |
29/02/2012 |
28/02/2011 |
|
|
Annual
Sales |
|
41,900 |
39,977 |
38,692 |
35,956 |
|
Recur.
Profit |
|
2,400 |
2,380 |
2,017 |
2,081 |
|
Net
Profit |
|
1,750 |
1,691 |
1,291 |
1,362 |
|
Total
Assets |
|
|
40,328 |
40,136 |
38,692 |
|
Current
Assets |
|
|
28,994 |
28,257 |
20,530 |
|
Current
Liabs |
|
|
9,256 |
9,960 |
9,623 |
|
Net
Worth |
|
|
29,119 |
27,498 |
26,237 |
|
Capital,
Paid-Up |
|
|
280 |
280 |
280 |
|
Div.P.Share(¥) |
|
|
18.00 |
18.00 |
18.00 |
|
<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
|
|
S.Growth Rate |
4.81 |
3.32 |
7.61 |
3.58 |
|
|
Current Ratio |
|
.. |
313.25 |
283.70 |
213.34 |
|
N.Worth Ratio |
.. |
72.21 |
68.51 |
67.81 |
|
|
R.Profit/Sales |
|
5.73 |
5.95 |
5.21 |
5.79 |
|
N.Profit/Sales |
4.18 |
4.23 |
3.34 |
3.79 |
|
|
Return On Equity |
.. |
5.81 |
4.69 |
5.19 |
|
Notes:
Forecast (or estimated) figures for 28/02/2014 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.03 |
|
|
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.80.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
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 |
|
|
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 |
|
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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 |
|
|
<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.