MIRA INFORM REPORT

 

 

Report Date :

15.06.2012

 

IDENTIFICATION DETAILS

 

Name :

EBARA REFRIGERATION EQUIPMENT & SYSTEMS CO LTD

 

 

Registered Office :

5-1-13 Haneda Ohtaku Tokyo

 

 

Country :

Japan

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

September 2002

 

 

Com. Reg. No.:

0108-01-013446 (Tokyo-Ohtaku)

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturer of refrigeration equipment & systems

 

 

No. of Employees :

767

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Japan

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Company name

 

EBARA REFRIGERATION EQUIPMENT & SYSTEMS CO LTD

 

 

REGD NAME 

 

Ebara Reinetsu System KK

 

 

MAIN OFFICE

 

Shinwa Cooling Tower, 3-2-16 Omori-Kita Tokyo 143-0016 JAPAN

Tel: 03-6384-8080      Fax: 03-5493-0702

 

*.. Registered at: 5-1-13 Haneda Ohtaku Tokyo

 

URL:                 http://www.ers.ebara.com

E-Mail address:            (thru the URL)

 

 

ACTIVITIES

 

Mfg of refrigeration equipment & systems

 

 

BRANCHES

 

Sapporo, Sendai, Yokohama, Nagoya, Osaka, Hiroshima, other (Tot 23)

 

 

OVERSEAS

 

Europe, Asia, other

 

 

FACTORIES

 

Fujisawa (2), Sodegaura, Suzuka

 

OFFICERS

 

HIROSHI OTANI, PRES             

Kozo Nakao, ch

Yoshiaki Shibagaki, dir

                       

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                 A/SALES          Yen 23,323 M

PAYMENTS      REGULAR         CAPITAL           Yen 450 M

TREND UP                    WORTH            Yen 2,985 M

STARTED         2002                 EMPLOYES      767

 

 

COMMENT    

 

MFR OF REFRIGERATION EQUIPMENT & SYSTEMS, OWNED BY EBARA CORP.

 

FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

 

 

HIGHLIGHTS

           

The subject company was established on the basis of a refrigeration mfg division separated from Ebara Corp (See REGISTRATION).   This is a specialized mfr of refrigeration equipment & systems: centrifugal chiller, screw chiller, absorption chiller, cooling tower, other (See OPERATION). 

 

 

FINANCIAL INFORMATION

           

The sales volume for Mar/2011 fiscal term amounted to Yen 23,323 million, an 11% up from Yen 21,031 million in the previous term.  Demand for cooling equipment/systems rose from commercial buildings and other, particularly for energy saving units.  The recurring profit was posted at Yen 898 million and the net profit at Yen 494 million, respectively, compared with Yen 426 million recurring profit and Yen 218 million net profit, respectively, a year ago.

 

For the term that ended Mar 2012 the recurring profit was projected at Yen 900 million and the net profit at Yen 500 million, respectively, on a 3% rise in turnover, to Yen 24,000 million.   Final results are yet to be released. 

 

The financial situation is considered FAIR and good for ORDINARY business engagements. 

 

REGISTRATION

 

Date Registered:  Sept 2002

Regd No.:         0108-01-013446 (Tokyo-Ohtaku)

Legal Status:      Limited Company (Kabushiki Kaisha)

Authorized:         36,000 shares

Issued:                9,000 shares

Sum:                   Yen 450 million

Major shareholders (%): Ebara Corp* (100)

 

*.. Time-honored comprehensive mfr of pumps and air blowers, Tokyo, founded 1920,

Listed Tokyo S/E, capital Yen 61,313 million, sales Yen 412,076 million, operating profit Yen 23,266 million, recurring profit Yen 21,086 million, net profit Yen 2,889 million, total assets Yen 488,964 million, net worth Yen 154,653 million, employees 14,761, pres Natsunosuke Yago

Consolidated Financials are attached (See SUPPLEMENTS)

 

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

           

Activities: Manufactures refrigeration equipment & systems: centrifugal chillers, screw chillers, absorption chillers/heaters, cooling tower, technologies for industrial chillers, water treatment for air conditioning use, other; offering technical consultation, planning, design erection & installation works for these equipment & systems (--100%)

 

Clients: [Mfrs, wholesalers] Oiwa Machinery Corp, Ebara Corp, Kar-O-Andishen Engineers, CTCI Overseas Corp, Ito-Yokado, NHK, Tokyo-Metrop Services, Tokyo Sewage Energy Corp, Ebara Jitsugyo Co, Ebara Shoji Co, other 

 

No. of accounts: 800

Domestic areas of activities: Nationwide

 

Suppliers: [Mfrs, wholesalers] Oiwa Machinery Corp, Ebara Techno Serve Co, Izumi Industry, Ebara Densan Ltd, Minami-Machi Sangyo Co, Kishu Kogyo, other.

 

Payment record: Regular

 

Location: Business area in Tokyo.  Office premises at the caption address are leased and maintained satisfactorily.

 

Bank References:

Mizuho Bank (Haneda)

Mizuho Corporate Bank (Uchisaiwaicho)

Relations: Satisfactory

 

FINANCES

(In Million Yen)

 

       Terms Ending:

31/03/2012

31/03/2011

31/03/2010

31/03/2009

Annual Sales

　

24,000

23,323

21,031

22,417

Recur. Profit

　

900

898

426

　

Net Profit

　

500

494

218

132

Total Assets

　

　

17,201

12,047

12,495

Current Assets

　

　

13,574

11,355

　

Current Liabs

　

　

14,090

9,189

　

Net Worth

　

　

2,985

2,734

2,659

Capital, Paid-Up

　

　

450

450

450

Div.P.Share(¥)

　

　

　

　

　

<Analytical Data>

(%)

(%)

(%)

(%)

    S.Growth Rate

2.90

10.90

-6.18

-4.93

    Current Ratio

 

..

96.34

123.57

..

    N.Worth Ratio

..

17.35

22.69

21.28

    R.Profit/Sales

 

3.75

3.85

2.03

..

    N.Profit/Sales

2.08

2.12

1.04

0.59

    Return On Equity

..

16.55

7.97

4.96

 

Notes: Forecast (or estimated) figures for the 31/03/2012 fiscal term.

 

 

SUPPLEMENTS

 

CONSOLIDATED FINANCIALS OF THE PARENT, EBARA CORP

FINANCES: (Consolidated in million yen)

 

　

　

Terms Ending:

31/03/2012

31/03/2011

INCOME STATEMENT

 

 

 

  Annual Sales

　

412,076

401,675

 

  Cost of Sales

318,937

301,658

 

      GROSS PROFIT

93,139

100,017

 

  Selling & Adm Costs

69,872

68,475

 

      OPERATING PROFIT

23,266

31,541

 

  Non-Operating P/L

-2,180

-2,791

 

      RECURRING PROFIT

21,086

28,750

　

      NET PROFIT

2,889

28,191

BALANCE SHEET

 

 

 

 

  Cash

　

84,955

100,675

 

  Receivables

 

160,995

161,512

 

  Inventory

 

69,709

66,874

 

  Securities, Marketable

2,856

3,327

 

  Other Current Assets

27,733

40,034

 

      TOTAL CURRENT ASSETS

346,248

372,422

 

  Property & Equipment

89,104

89,723

 

  Intangibles

 

5,567

7,237

 

  Investments, Other Fixed Assets

48,045

38,516

 

      TOTAL ASSETS

488,964

507,898

 

  Payables

 

105,638

98,923

 

  Short-Term Bank Loans

79,377

68,383

 

　

 

　

　

 

  Other Current Liabs

65,330

92,772

 

      TOTAL CURRENT LIABS

250,345

260,078

 

  Debentures

 

20,000

20,000

 

  Long-Term Bank Loans

42,640

50,655

 

  Reserve for Retirement Allw

15,047

15,681

 

  Other Debts

　

6,279

6,545

 

      TOTAL LIABILITIES

334,311

352,959

 

      MINORITY INTERESTS

 

 

 

Common stock

61,313

61,284

 

Additional paid-in capital

65,243

65,243

 

Retained earnings

41,750

40,759

 

Evaluation p/l on investments/securities

1,116

1,053

 

Others

 

(14,490)

(13,134)

 

Treasury stock, at cost

(279)

(266)

 

      TOTAL S/HOLDERS` EQUITY

154,653

154,939

　

      TOTAL EQUITIES

488,964

507,898

CONSOLIDATED CASH FLOWS

 

 

 

 

Terms ending:

31/03/2012

31/03/2011

 

Cash Flows from Operating Activities

　

12,588

26,604

 

Cash Flows from Investment Activities

-8,837

10,996

 

Cash Flows from Financing Activities

-19,997

-14,096

　

Cash, Bank Deposits at the Term End

　

87,294

104,002

ANALYTICAL RATIOS            Terms ending:

31/03/2012

31/03/2011

 

 

Net Worth (S/Holders' Equity)

154,653

154,939

 

 

Current Ratio (%)

138.31

143.20

 

 

Net Worth Ratio (%)

31.63

30.51

 

 

Recurring Profit Ratio (%)

5.12

7.16

 

 

Net Profit Ratio (%)

0.70

7.02

 

 

Return On Equity (%)

1.87

18.19

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.79

UK Pound

1

Rs.86.37

Euro

1

Rs.70.07

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.