|
Report Date : |
06.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
EBARA CORPORATION |
|
|
|
|
Registered Office : |
11-1 Haneda-Asahicho Ohtaku |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation : |
May 1920 |
|
|
|
|
Com. Reg. No.: |
0108-01-001748 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Manufacturing of industrial pumps, freezers, garbage incinerators, semiconductor equipment |
|
|
|
|
No. of Employees |
15,168 |
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 |
|
Payment Behaviour : |
No complaints |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 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 |
EBARA CORPORATION
REGD NAME: Ebara
KK
MAIN OFFICE: 11-1
Haneda-Asahicho Ohtaku Tokyo 144-8510
Tel:
03-3743-6111 Fax: 03-3745-3356
E-Mail address: webmaster@ebara.co.jp
Mfg of industrial pumps, freezers, garbage
incinerators, semiconductor
Equipment
Tokyo, Osaka, Nagoya, Sapporo, Sendai, Saitama, Chiba, Yokohama,
Niigata,
Kanazawa, Hiroshima, Takamatsu, Fukuoka, other (Tot 35
USA (5), Europe (3), Mid East (1), Asia/Oceania (20)
Haneda (at the caption address & vicinities), Fujisawa, Sodegaura
(Chiba),
Suzuka (Mie)
China (4), Korea, Taiwan,
Vietnam, Indonesia, Malaysia
TOICHI MAEDA, PRES
& CEO
Yen Amount: In million Yen, unless otherwise stated
FINANCES FAIR A/SALES Yen 448,657 M
PAYMENTS NO COMPLAINTS CAPITAL Yen
68,625 M
TREND UP WORTH Yen 215048 M
STARTED 1920 EMPLOYES 15,168
MFR SPECIALIZING IN INDUSTRIAL PUMPS & AIR BLOWERS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
|
Business |
Terms Ending |
Annual Sales* |
R.Profit* |
N.Profit* |
S.Growth |
Net Worth* |
|
Results: |
31/03/2011 |
401,675 |
28,750 |
28,191 |
(%) |
154,939 |
|
(Consolidated) |
31/03/2012 |
412,076 |
21,086 |
2,889 |
2.59 |
154,653 |
|
|
31/03/2013 |
426,302 |
25,663 |
15,303 |
3.45 |
191,788 |
|
|
31/03/2014 |
448,657 |
31,311 |
18,973 |
5.24 |
215,048 |
|
|
31/03/2015 |
490,000 |
34,000 |
20,000 |
9.21 |
.. |
Unit: In Million Yen
Forecast (or estimated) figures for 31/03/2015
fiscal term
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. Top class in
in-house technologies for environment-related lines including garbage incinerators
and smoke desulfurizers, as well as semiconductor polishing systems. The company established a base in Dubai, UAE
in fiscal 2013 in a bid to strengthen its support system in the overseas market
including Middle East and Southeast Asia.
Shale gas-related facilities in North America will start up in
2017.
The sales volume for Mar/2014 fiscal term amounted to Yen 448,657
million, a 5.2% up from Yen 428,302 million in the previous term. Orders for semiconductor-use equipment
rallied in the second half. Demand for
wind and hydraulic power equipment were strong in the energy industries in
North America and China. Operating
profit advanced, absorbing higher fixed costs for expanding overseas service
bases. The recurring profit was posted
at Yen 31,311 million and the net profit at Yen 18,973 million, respectively,
compared with Yen 25,663 million recurring profit and Yen 15,303 million net
profit, respectively, a year ago.
For the current term ending Mar
2015 the recurring profit is projected at Yen 34,000 million and the net profit
at Yen 20,000 million, respectively, on a 9.2% rise in turnover, to Yen 490,000
million. Orders for mainstay fluid
products are likely to continue expanding, buoyed by strong demand from
petroleum refinery and chemical plants in the overseas market, mainly in the US
and China. Sales of waste incinerators
and semiconductor mfg-use equipment will also remain steady.
The financial situation is considered FAIR and should be good for
ORDINARY business engagements.
Date Registered: May
1920
Regd No.:
0108-01-001748 (Tokyo-Ohtaku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 1,000 million shares
Issued: 465,187,829 shares
Sum: Yen 68,625 million
Major
shareholders (%): Master Trust Bank of Japan T (12.0), Japan Trustee Services T (9.5),
Mizuho Bank (2.1), MUFG (1.5), State Street Bank & Trust (1.4), Pictet
& Cie (Europe) (1.4), Trust & Custody Services Inv T (1.1), Japan
Trustee Services T1 (1.1), Nomura Trust Inv T (1.1), Morgan Stanley & Co
(1.1); foreign owners (31.6)
No.
of shareholders: 27,245
Listed on the S/Exchange (s) of: Tokyo
Managements: Natsunosuke Yago,
ch; Toichi Maeda, pres; Tetsuji Fujimoto, s/mgn dir; Manabu Tsujimura, s/mgn dir;
Atsuo Ohi, s/mgn dir; Akira Ogata, mgn dir; Masaru Shibuya, mgn dir; Nobuharu
Noji, mgn dir;
Nothing
detrimental is known as to the commercial morality of executives.
Related companies: Ebara Engineering Service
Corp, Ebara Techno-Serve Co, other. (79
subsidiaries – 49 of those are consolidated subsidiaries – and 11 affiliated
companies)
Activities: Manufactures
industrial pumps, freezers, garbage incinerators, semiconductor equipment, etc:
(Sales
Breakdown by Divisions):
Fluid
Machinery & System Company (72%): fluid machinery & systems, various
types of industrial pumps, blowers, gas & steam turbines, sewage collection
systems, others;
Environmental
Engineering Company (12%): 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
Machinery Company (16%): 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 (53%)
Clients: [Government
agencies, municipal offices, wholesalers] Japanese Red Cross Society, Shinryo cop,
IHI Plant Engineering, Kitasato Daiichi Vaccine Corp, Tokyo Univ, Keio Univ,
Chiyoda Corp, Shimadzu Corp, Donated Blood Distribution Foundation, Taiwan
Semiconductor Mfg Co, Ebara Field Tech, other.
No. of accounts:
1,000
Domestic areas of
activities: Nationwide
Suppliers: [Mfrs,
wholesalers] Toshiba Industrial Products & Systems Corp,
Yoshidagumi, Hitachi Plant Engineering &
Construction, Tsukishima Kikai, Ebara Jitsugyo (subsidiary), Nippon Glass
Building Materials, Ebara Eliot, Ebara Hamada Blower Co, Sanso Electro Co,
Ebara Refrigeration & Systems Co, TSG, Kumagai-Tekkosho Co, other.
Payment record No complaints
Location: Business area in
Tokyo. Office premises at the caption
address are owned and maintained satisfactorily.
Bank References:
Mizuho Bank (H/O)
MUFG (Kyobashi)
Relations: Satisfactory
|
FINANCES: (Consolidated
in million yen) |
|
|||
|
|
|
Terms Ending: |
31/03/2014 |
31/03/2013 |
|
INCOME STATEMENT |
|
|
||
|
|
Annual Sales |
|
448,657 |
426,302 |
|
|
Cost of Sales |
329,059 |
322,191 |
|
|
|
GROSS PROFIT |
119,597 |
104,110 |
|
|
|
Selling & Adm Costs |
87,403 |
79,026 |
|
|
|
OPERATING PROFIT |
32,194 |
25,084 |
|
|
|
Non-Operating P/L |
-883 |
579 |
|
|
|
RECURRING PROFIT |
31,311 |
25,663 |
|
|
|
NET PROFIT |
18,973 |
15,303 |
|
|
BALANCE SHEET |
|
|
|
|
|
|
Cash |
|
97,839 |
90,752 |
|
|
Receivables |
|
184,077 |
157,459 |
|
|
Inventory |
|
70,333 |
66,947 |
|
|
Securities, Marketable |
5,514 |
23,553 |
|
|
|
Other Current Assets |
22,365 |
24,587 |
|
|
|
TOTAL CURRENT ASSETS |
380,128 |
363,298 |
|
|
|
Property & Equipment |
96,582 |
90,722 |
|
|
|
Intangibles |
|
9,894 |
6,889 |
|
|
Investments, Other Fixed Assets |
43,607 |
43,667 |
|
|
|
TOTAL ASSETS |
530,211 |
504,576 |
|
|
|
Payables |
|
103,339 |
95,886 |
|
|
Short-Term Bank Loans |
62,917 |
66,015 |
|
|
|
|
|
|
|
|
|
Other Current Liabs |
71,144 |
83,829 |
|
|
|
TOTAL CURRENT LIABS |
237,400 |
245,730 |
|
|
|
Debentures |
|
10,000 |
|
|
|
Long-Term Bank Loans |
24,954 |
31,338 |
|
|
|
Reserve for Retirement Allw |
16,440 |
9,629 |
|
|
|
Other Debts |
|
26,369 |
26,090 |
|
|
TOTAL LIABILITIES |
315,163 |
312,787 |
|
|
|
MINORITY INTERESTS |
|
|
|
|
|
Common
stock |
68,625 |
68,625 |
|
|
|
Additional
paid-in capital |
72,555 |
72,543 |
|
|
|
Retained
earnings |
70,629 |
53,886 |
|
|
|
Evaluation
p/l on investments/securities |
2,418 |
1,662 |
|
|
|
Others |
|
1,207 |
(4,644) |
|
|
Treasury
stock, at cost |
(386) |
(284) |
|
|
|
TOTAL S/HOLDERS` EQUITY |
215,048 |
191,788 |
|
|
|
TOTAL EQUITIES |
530,211 |
504,576 |
|
|
CONSOLIDATED CASH FLOWS |
|
|
||
|
|
|
Terms ending: |
31/03/2014 |
31/03/2013 |
|
|
Cash
Flows from Operating Activities |
|
26,615 |
34,014 |
|
|
Cash
Flows from Investment Activities |
3,540 |
-33,130 |
|
|
|
Cash Flows
from Financing Activities |
-25,336 |
3,285 |
|
|
|
Cash,
Bank Deposits at the Term End |
|
102,341 |
93,792 |
|
ANALYTICAL RATIOS Terms ending: |
31/03/2014 |
31/03/2013 |
||
|
|
|
Net
Worth (S/Holders' Equity) |
215,048 |
191,788 |
|
|
|
Current
Ratio (%) |
160.12 |
147.84 |
|
|
|
Net
Worth Ratio (%) |
40.56 |
38.01 |
|
|
|
Recurring
Profit Ratio (%) |
6.98 |
6.02 |
|
|
|
Net
Profit Ratio (%) |
4.23 |
3.59 |
|
|
|
Return
On Equity (%) |
8.82 |
7.98 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.86 |
|
|
1 |
Rs.102.67 |
|
Euro |
1 |
Rs.81.69 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NIS |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.