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Report No. : |
346006 |
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Report Date : |
17.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
SATAKE CORPORATION |
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Registered Office : |
2-30 Saijo Nishi-Honmachi Higashi-Hiroshima 739-0043 |
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Country : |
Japan |
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Financials (as on) : |
28.02.2015 |
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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 : |
Manufactures, imports and exports rice processing machines &
equipment (--97%), foods (3%) Mfg is consigned to subsidiary mfrs (4) |
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No. of Employees : |
890 |
RATING & COMMENTS
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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 an
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. Scarce in many
natural resources, Japan has long been dependent on imported raw materials.
Since the complete shutdown of Japan’s nuclear reactors after the earthquake
and tsunami disaster in 2011, Japan's industrial sector has become even more
dependent than it was previously on imported fossil 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 impressive - 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 aftereffects 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 four times
since 2008. 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 of that year disrupted
manufacturing. The economy has largely recovered in the four years since the
disaster, although reconstruction in the affected Tohoku region has lagged, in
part due to a shortage of labor in the construction sector. Japan enjoyed a
sharp uptick in growth in 2013 on the basis of Prime Minister Shinzo Abe’s
“Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of
monetary easing, “flexible” fiscal policy, and structural reform. Abe’s
government has replaced the preceding administration’s plan to phase out
nuclear power with a new policy of seeking to restart nuclear power plants that
meet strict new safety standards, and emphasizing nuclear energy’s importance
as a base-load electricity source. Japan joined the Trans-Pacific Partnership
(TPP) 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 2014 stood as the fourth-largest economy in the
world after first-place China, which surpassed Japan in 2001, and third-place
India, which edged out Japan in 2012. While seeking to stimulate and reform the
economy, the government must also devise a strategy for reining in Japan's huge
government debt, which amounts to more than 230% of GDP. To help raise
government revenue, Japan adopted legislation in 2012 to gradually raise the
consumption tax rate to 10% by 2015, beginning with a hike from 5% to 8%
implemented in April 2014. That increase had a contractionary effect on GDP,
however, so PM Abe in late 2014 decided to postpone the final phase of the
increase until April 2017 to give the economy more time to recover. Led by the
Bank of Japan’s aggressive monetary easing, Japan is making progress in ending
deflation, but demographics - low birthrate and an aging, shrinking population
- pose major long-term challenges for the economy.
|
Source
: CIA |
SATAKE CORPORATION
REGD NAME: KK
Satake
MAIN OFFICE: 2-30
Saijo Nishi-Honmachi Higashi-Hiroshima 739-0043 JAPAN
Tel: 81-824-20-0001
Fax: 81-824-20-0004
*.. 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
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,
UK, Thailand, India, Australia, USA, Brazil, Myanmar, Canada (--subsidiaries)
FACTORIES: Hiroshima
(3), Iwate (--subsidiary mfrs)
OFFICERS: TOSHIKO
SATAKE, PRES Takeshi Fukumori, v
pres
Kazuyoshi Kihara, s/mgn dir Nobuhiro Matsumoto, dir
Hideaki Matsushima, dir Kosuke Sasaki, dir
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 37,418 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
280 M
TREND SLOW WORTH Yen 32,493 M
STARTED 1939 EMPLOYES 890
COMMENT: MFR SPECIALIZING IN RICE MILLING MACHINES & GRAIN DRYING MACHINES. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD 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 (See OPERATION
for overseas market shares). 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/2015 fiscal term amounted to Yen 37,418
million, an 8% down from Yen 40,543 million in the previous term. Sales declined as a result of rush or orders
in the previous term. The recurring
profit was posted at Yen 2,424 million and the net profit at Yen 863 million,
respectively, compared with Yen 3,829 million recurring profit and Yen 2,570
million net profit, respectively, a year ago.
Profits deteriorated due to the write-offs of extraordinary losses for
the term.
For the current term ending Feb 2016 the recurring profit is projected
at Yen 3,800 million and the net profit at Yen 2,550 million, respectively, on
a 5% rise in turnover, to Yen 39,300 million.
The financial situation is considered FAIR and good 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
Nothing
detrimental is known as to the commercial morality of executives.
Activities: Manufactures, imports and exports rice processing machines & equipment (--97%), foods (3%)
Mfg is consigned to subsidiary mfrs (4)
Exports
(15%)
(Overseas
Markets Shares of Rice Mills – Percentages of rice mills equipment with some
sort of Satake Machinery): Mid East & Africa (50%), Asia (70%), North
America (90%), Latin America (50%)
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, Mitsubishi Agricultural Machinery, Zen-Noh Pearl Rice West Japan, Hokuren, other.
Payment record: No Complaints
Location: Business area in
Hiroshima. Office premises at the
caption address are owned and maintained satisfactory.
Bank
References:
SMBC (Hiroshima)
Bank of Hiroshima
(Saijo)
Relations:
Satisfactory
(In Million
Yen)
|
Terms Ending: |
29/02/2016 |
28/02/2015 |
28/02/2014 |
28/04/2013 |
|
|
Annual
Sales |
|
39,300 |
37,418 |
40,543 |
39,977 |
|
Recur.
Profit |
|
3,800 |
2,424 |
3,829 |
2,380 |
|
Net
Profit |
|
2,550 |
863 |
2,570 |
1,651 |
|
Total
Assets |
|
|
42,355 |
43,000 |
40,328 |
|
Current
Assets |
|
|
30,799 |
31,534 |
28,994 |
|
Current
Liabs |
|
|
7,955 |
9,434 |
9,256 |
|
Net
Worth |
|
|
32,493 |
31,660 |
29,119 |
|
Capital,
Paid-Up |
|
|
280 |
280 |
280 |
|
Div.Ttl
in Million (¥) |
|
|
30 |
30 |
30 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
5.03 |
-7.71 |
1.42 |
3.32 |
|
Current Ratio |
|
.. |
387.17 |
334.26 |
313.25 |
|
N.Worth Ratio |
|
.. |
76.72 |
73.63 |
72.21 |
|
R.Profit/Sales |
|
9.67 |
6.48 |
9.44 |
5.95 |
|
N.Profit/Sales |
|
6.49 |
2.31 |
6.34 |
4.13 |
|
Return On Equity |
|
.. |
2.66 |
8.12 |
5.67 |
Notes: Forecast (or estimated) figures for the
29/02/2016 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.97 |
|
UK Pound |
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.73.99 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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Report Prepared
by : |
TPT |
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 |
|
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<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.