MIRA
INFORM REPORT
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Report Date : |
15.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
EBARA BALLARD CORPORATION |
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Registered Office : |
4-2-1 Honfujisawa Fujisawa Kanagawa-Pref 251-0825 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
November, 1998 |
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Legal Form : |
Limited Company |
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Line of Business : |
Manufactures hydrogen fuel cells |
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 52.5 MILLION |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name of the company
EBARA BALLARD CORPORATION
REGD NAME: Ebara Ballard KK
MAIN OFFICE: 4-2-1 Honfujisawa
Fujisawa Kanagawa-Pref 251-0825 JAPAN
Tel:
0466-83-7578
*.. Moved
to the caption address in Oct/2007, which is the location
of the
Japan parent’s factory, Ebara Corp.
E-mail: info@ebc.ebara.com
ACTIVITIES: Mfg of
hydrogen fuel cells
BRANCHES: Tokyo
FACTORY (IES): At the caption address
OFFICERS: MASAKATSU
OOYA, PRES
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY: FINANCES FAIR A/SALES Yen 2,600 M
PAYMENTS REGULAR CAPITAL Yen 480 M
TREND STEADY WORTH Yen
480 M*
STARTED 1998 EMPLOYES 50
*..
Expressed by the paid-in capital
COMMENT: MFR OF HYDROGEN FUEL CELLS, JV WITH EBARA
CORP AND BALLARD POWER SYSTEMS, CANADA.
FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS
ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 52.5 MILLION, 30 DAYS NORMAL TERMS. .
HIGHLIGHTS
The subject company was
established as a JV between Ballard Power System, Canada and Ebara Corp, mfr of
pumps & air blowers, Tokyo (See REGISTRATION).for mfg hydrogen fuel cells
on licensee agreement with the Canadian partner. Licensee agreement signed in Sept 2005 for mfg and distributing
exclusively the products. Products are
shipped to the Japanese parent exclusively for distribution nationwide. The JV firm has been in the deficit for 5
consecutive years due to the heavy costs of investments. The losses are understood to be funded by
the Japan parent.
FINANCIAL INFORMATION
The firm does not disclose full financials,
except the following partial figures.
The net worth is therefore expressed by the paid-in capital.
The sales volume for Dec/2006
fiscal term amounted to Yen 2,600 million, a 100% up from Yen 1,300 million in
the previous term. This is attributed
to the increasing production of fuel cells after the licensee agreement signed
in Sept 2005. The operations, however,
continued in the red to register Yen 200 million net losses for the term,
compared with Yen 730 million net losses a year ago..
For the current term ending Dec
2007 the operations are expected to come back to profitability but still
limited to a minimum amount, on a 15% rise in turnover, to Yen 3,000
million.
The financial situation is
considered maintained FAIR and good for ORDINARY business engagements, on the
back of financial strength of the Japan partner, Ebara Corp. Max credit limit is estimated at Yen 52.5
million, on 30 days normal terms.
REGISTRATION
Date Registered: Nov 1998
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 9,600 shares
Issued: 9,600 shares
Sum: Yen 480 million
Major shareholders (%): Ebara Corp*(51), Ballard Power System, Canada (49)
No. of shareholders: 2
*.. Leading mfr of pumps & air blowers, Tokyo, listed Tokyo S/E, founded 1920, capital Yen 61,284 million, sales turnover Yen 538,097 million, operating profit Yen 13,249 million, recurring profit Yen 10,414 million, net profit Yen 5,446 million, total assets Yen 625,032 million, net worth Yen 151,254 million, employees 15,609, pres Natsunosuke Yago
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Manufactures hydrogen fuel cells on exclusive licensee agreement with Ballard Power System, Canadian partner of the JV company (100%).
Clients: [Mfr] Products are wholly shipped to the Japan parent, Ebara Corp..
No.
of accounts: 1
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Ebara
Corp, Tokyo Gas, Nippon Oil, Noritsu Corp, Ballard Power System, other.
Payment record: Regular
Location: Business area in Fujisawa
City, adjacent to Yokohama City. Office
premises at the caption address are owned by the parent, Ebara Corp, and
maintained satisfactorily.
Bank References:
Mizuho
Corporate Bank (Uchisaiwaicho)
Mizuho
Bank (Fujisawa)
Relations:
Satisfactory
FINANCES: (In Million
Yen)
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Terms Ending: |
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31/12/2007 |
31/12/2006 |
31/12/2005 |
31/12/2004 |
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Annual Sales |
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3,000 |
2,600 |
1,300 |
800 |
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Recur. Profit |
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Net Profit |
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0 |
-200 |
-730 |
-513 |
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Total Assets |
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N/A |
N/A |
N/A |
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Net Worth |
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480 |
480 |
480 |
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Capital, Paid-Up |
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480 |
480 |
480 |
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Div.P.Share(¥) |
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0.00 |
0.00 |
0.00 |
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<Analytical Data> |
(%) |
(%) |
(%) |
(%) |
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S.Growth Rate |
15.38 |
100.00 |
62.50 |
60.00 |
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Current Ratio |
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.. |
.. |
.. |
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N.Worth Ratio |
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.. |
.. |
.. |
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N.Profit/Sales |
0.00 |
-7.69 |
-56.15 |
-64.13 |
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Notes: Financials are only partially disclosed.
Forecast (or estimated) for the 31/12/2007 fiscal term.
SUPPLEMENTS
CONSOLIDATED FINANCIALS OF THE JAPAN PARTNER, EBARA CORP.
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FINANCES: (Consolidated in million yen) |
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Terms Ending: |
31/03/2007 |
31/03/2006 |
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INCOME STATEMENT |
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Annual Sales |
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538,097 |
514,957 |
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Cost of Sales |
434,934 |
418,413 |
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GROSS PROFIT |
103,163 |
96,543 |
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Selling & Adm Costs |
89,914 |
85,641 |
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OPERATING PROFIT |
13,249 |
10,902 |
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Non-Operating P/L |
-2,835 |
-3,171 |
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RECURRING PROFIT |
10,414 |
7,731 |
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NET PROFIT |
5,446 |
3,349 |
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BALANCE SHEET |
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Cash |
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66,085 |
47,509 |
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Receivables |
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225,004 |
227,534 |
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Inventory |
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96,589 |
84,121 |
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Securities, Marketable |
0 |
0 |
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Other Current Assets |
43,991 |
25,750 |
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TOTAL CURRENT ASSETS |
431,669 |
384,914 |
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Property & Equipment |
98,276 |
96,321 |
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Intangibles |
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14,264 |
14,954 |
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Investments, Other Fixed Assets |
80,823 |
96,442 |
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TOTAL ASSETS |
625,032 |
592,631 |
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Payables |
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167,880 |
160,699 |
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Short-Term Bank Loans |
69,035 |
71,650 |
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Other Current Liabs |
85,120 |
70,384 |
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TOTAL CURRENT LIABS |
322,035 |
302,733 |
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Debentures |
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30,300 |
44,000 |
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Long-Term Bank Loans |
45,013 |
53,489 |
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Reserve for Retirement Allw |
29,145 |
309,233 |
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Other Debts |
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43,570 |
(275,541) |
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TOTAL LIABILITIES |
470,063 |
433,914 |
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MINORITY INTERESTS |
3,714 |
5,021 |
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Common stock |
61,284 |
61,283 |
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Additional paid-in capital |
65,212 |
65,211 |
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Retained earnings |
19,455 |
16,965 |
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Evaluation p/l on
investments/securities |
6,766 |
12,476 |
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Others |
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2,344 |
(2,186) |
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Treasury stock, at cost |
(92) |
(54) |
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TOTAL S/HOLDERS` EQUITY |
154,969 |
153,695 |
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TOTAL EQUITIES |
625,032 |
592,631 |
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2007 |
31/03/2006 |
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Cash Flows from Operating Activities |
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9,543 |
-9,772 |
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Cash Flows from Investment
Activities |
-10,549 |
-4,099 |
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Cash Flows from Financing Activities |
17,166 |
21,760 |
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Cash, Bank Deposits at the Term End |
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66,086 |
47,510 |
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ANALYTICAL RATIOS Terms ending: |
31/03/2007 |
31/03/2006 |
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Net Worth (S/Holders' Equity) |
154,969 |
153,695 |
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Current Ratio (%) |
134.04 |
127.15 |
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Net Worth Ratio (%) |
24.79 |
25.93 |
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Recurring Profit Ratio (%) |
1.94 |
1.50 |
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Net Profit Ratio (%) |
1.01 |
0.65 |
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Return On Equity (%) |
3.51 |
2.18 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)