MIRA
INFORM REPORT
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Report Date : |
11.06.2007 |
IDENTIFICATION DETAILS
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Name : |
EBARA CORPORATION |
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Registered Office : |
11-1 Haneda-Asahicho Ohtaku |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
May 1920 |
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Legal Form : |
Limited Company (Kabushiki
Kaisha) |
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Line of Business : |
Manufacturing of industrial pumps, freezers, garbage incinerators, semiconductor equipment. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Yen 8986.5 millions |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
EBARA CORPORATION
REGD NAME
Ebara KK
MAIN OFFICE
11-1
Haneda-Asahicho Ohtaku Tokyo 144-8510
Tel : 03-3743-6111
Fax : 03-3745-3356
URL : http://www.ebara.co.jp/
E-Mail
address: webmaster@ebara.co.jp
ACTIVITIES
Mfg of
industrial pumps, freezers, garbage incinerators, semiconductor equipment
BRANCHES
OVERSEAS
FACTORY(IES)
Haneda (at the caption address & vicinities),
(Overseas)
CHIEF EXEC
NATSUNOSUKE
YAGO, PRES & CEO
Yen
Amount: In million Yen, unless
otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 538,097 M
PAYMENTS REGULAR CAPITAL Yen 61,284 M
TREND STEADY WORTH Yen
154,969 M
STARTED 1920 EMPLOYES 15,485
COMMENT
MFR SPECIALIZING IN INDUSTRIAL PUMPS & AIR BLOWERS. FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX
CREDIT LIMIT: YEN 8,986.5 MILLION, 30 DAYS NORMAL TERMS
Forecast (or estimated)
figures for 31/03/2008 fiscal term
HIGHLIGHTS
This is a time-honored mfr of industrial pumps and air blowers, dating back to1912 when started making centrifugal pumps, by a local entrepreneur, on his account. Since incorporated, the firm has grown rapidly to mfg various types of industrial pumps, freezers, garbage incinerators and semiconductor equipment. Ranked 1st in both large & mass-produced industrial pumps. Heavily depends upon public demand. The precision and electronic operations, started in ’85, have grown steeply in line with the growth of electronics industries. Moving ahead into environment-related lines including garbage incinerators and smoke desulfurizers. Tie-up with Chiyoda Corp in environment-related overseas plant engineering works is in progress.
FINANCIAL INFORMATION
The sales volume for Mar/2007 fiscal term amounted to Yen 538,097 million, a 4.5% up from Yen 514,957 million in the previous term. Precision equipment contributed. Wind & hydraulic products grew steadily, led by pumps bound for overseas markets. The recurring profit was posted at Yen 10,414 million and the net profit at6 Yen 5,446 million, respectively, compared withy Yen 7,731 million recurring profit and Yen 3,349 million net profit, respectively, a year ago. Operating profits improved helped by profit emergence in engineering works.
For the current term ending Mar 2008 the recurring profit is projected at Yen 12,000 million and net profit at Yen 6,000 million, respectively, on a 4% rise in turnover, to Yen 560,000 million. Recovery in precision equip & electronics will likely continue. Wind/hydraulic power pumps will grow, while environmental/engineering related business expected profitable. Vacuum pumps for LCDs will grow.
The financial situation is considered FAIR and should be good for ORDINARY business engagements. Max credit limit is estimated at Yen 8,986.4 million, on 30 days normal terms.
REGISTRATION
Date
Registered: May 1920
Legal
Status: Limited Company
(Kabushiki Kaisha)
Authorized: 1,000 million shares
Issued: 422,724,750 shares
Sum: Yen 61,284 million
Major shareholders (%): Japan Trustee Services Bank T (3.3),
Master Trust Bank of
Ins
(4.0), Chase Manhattan (
Bank (2.3), Employees’ S/Holding Assn (1.3), Aioi Ins (1.1), Japan Securities Financed
(0.9); foreign owners (24.2)
No. of shareholders: 46,632 (as of Sept/06)
Listed
on the S/Exchange (s) of:
Managements: Natsunosuke Yago, pres & CEO; Masayoshi Hirose, v pres; Hiroshi Kamiya, s/mgn dir; Kozo Nakao, mgn dir; Yoshiyuki Ichiki, mgn dir; Itaru Shirasawa, mgn dir; Kazuyoshi Terashima, dir; Shiro Nagato, dir
Nothing
detrimental is knows as to the commercial morality of executives.
Related companies
Ebara Engineering Service Corp, Ebara Techno-Serve Co, other (Total 55)
OPERATION
Activities: Manufactures industrial pumps, freezers, garbage
incinerators, semiconductor equipment, etc:
(Sales
breakdown by divisions):
Wind & hydraulic power (49%): fluid machinery & systems, various types of industrial pumps, blowers, gas & steam turbines, sewage collection systems, others;
Engineering (34%): solid waste incinerators, waste water treatment plants, wind power generation systems, fuel cell cogeneration systems, inorganic chemicals, thermal energy systems, soil & groundwater remediation systems, others;
Precision equipment & electronics (17%): vacuum pumps, clean ozonizers for semiconductor device fabrication, pure-water pumps, chemical mechanical polishers, waste gas treatment equip, automated water carriers, other.
(Overseas sales ratio: 26.7%: Asia 11.2%,
Clients: [Government agencies, municipal offices, wholesalers]
Japan Sewage Works Agency, Ebara Jitsugyo (subsidiary), Mitsui & Co,
Tokyo-Metrop Waterworks Bureau, Kawaguchi City Office, other.
No. of
accounts: 3,000
Domestic
areas of activities: Nationwide
Suppliers: [Mfrs, wholesalers] Yoshidagumi, Hitachi Plant Engineering & Construction, Tsukishima Kikai, Ebara Jitsugyo (subsidiary), Nippon Glass Building Materials, other.
Payment
record: Regular
Location: Business area in
Bank References
Mizuho
Corporate Bank (Uchisaiwaicho)
MUFG (
Relations:
Satisfactory
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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 |
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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/normal. |
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%)