MIRA
INFORM REPORT
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Report Date : |
09.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
HITACHI KE SYSTEMS LTD |
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Formerly Known as : |
HITACHI KEIYO ENGINEERING & SYSTEMS LTD |
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Registered Office : |
6-7-10 Higashinarashino Narashino City Chiba-Pref 275-0001 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
October 1980 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
FA System Engineering |
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 130.4 Million |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
name & address
HITACHI KE SYSTEMS LTD
(Renamed in 2001 from the former HITACHI KEIYO ENGINEERING & SYSTEMS
LTD, as given)
REGD NAME: Hitachi K E Systems KK
MAIN OFFICE: 6-7-10
Higashinarashino Narashino City Chiba-Pref 275-0001 JAPAN
Tel:
047-477-3111 Fax: 047472-6550
URL: http://www.hke.jp/
E-Mail address: webmaster@hke.jp
ACTIVITIES
FA system engineering
BRANCHES
Tokyo, Hadano (Kanagawa)
OFFICER(S)
CHIKAHIKO IZUMI, PRES
Yasunori Shimura, dir
Hiroaki Haga, dir
Tetsuo Kita, dir
Shinji Matsuoka, dir
Masahiro Imai, dir
Yen Amount
In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 8,000 M
PAYMENTS REGULAR CAPITAL Yen 200 M
TREND STEADY WORTH Yen 1,406 M
STARTED 1980 EMPLOYES 520
COMMENT
FA SYSTEM ENGINEERING, OWNED BY HITACHI LTD GROUP.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT
YEN 130.4 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established on the basis of an engineering
section separated from Hitachi Ltd (See REGISTRATION) in order to advance into
FA system engineering works. Originally named Hitachi Keiyo Engineering &
Systems Ltd and renamed as captioned in 2001.
In 1982 started FA systems engineering works; in 1997 expanded
operations into PC hardware/software development, maintenance, etc, and system solutions. Clients are Hitachi Ltd and group firms nationwide.
FINANCIAL INFORMATION
The sales volume
for Mar/2007 fiscal term amounted to Yen 8,000 million, an inched up from Yen
7,944 million in the previous term. The
net profit was posted at Yen 70 million, up from Yen 65 million the year
earlier.
For the current
term ending Mar 2008 the net profit is projected at Yen 70 million, on a 1%
rise in turnover, to Yen 8,100 million.
Business is seen steady.
The financial situation is considered FAIR
and good for ORDINARY business engagements. Max credit limit
is estimated at Yen 130.4 million, on 30
days normal terms.
REGISTRATION
Date Registered: Oct 1980
Legal Status: Limited Company
(Kabushiki Kaisha)
Authorized: 16,000 shares
Issued: 4,000 shares
Sum: Yen 200 million
Major shareholders (%)
Hitachi Ltd* and group firms.
No. of shareholders
7
* Comprehensive
mfr of electrical machinery, Tokyo, founded 1920, listed Tokyo, Osaka, Nagoya,
New York S/E’s, capital Yen 282,033
million, turnover Yen 10,247,903 million, operating profit Yen 182,512 million,
pre-tax profit Yen 202,338 million, net profit Yen 32,799 million, total assets
Yen 10,644,259 million, net worth Yen 2,442,797 million, employees 394,444,
pres Kazuo Furukawa
Consolidated
Financials are as attached (See SUPPLEMENTS)
Nothing detrimental is known as to the
commercial morality of executives.
OPERATION
Activities: FA system engineering works, software & system solutions
(100%).
Handling Items:
FA System Engineering
Works (Work Front System): facility monitoring, facility maintenance,
distribution management,
automated conveyance system, unmanned gas station POS system, kitchen &
factory restaurant management system, other;
IT Solution System Engineering: network control system, website control system, webs design/control/management, message system;
Hardware & Software: POS system, custom-made hardware & software development, invent-tory control, PC built-in software, data clearing/purging software, other related.
Clients
[Mfrs] Hitachi Ltd & group firms
No. of accounts
300
Domestic areas of activities
Nationwide
Suppliers
[Mfrs, wholesalers] Supplied
from Hitachi Ltd & group firms.
Payment record
Regular
Location
Business area in Narashino City, adjacent to Chiba City. Office premises at the caption address are
owned and maintained satisfactorily.
Bank References
Keiyo Bank (Mimomi)
MUFG (Tsudanuma-Higashi)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms Ending: |
31/03/2008 |
31/03/2007 |
31/03/2006 |
31/03/2005 |
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Annual
Sales |
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8,100 |
8,000 |
7,944 |
7,549 |
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Recur.
Profit |
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Net
Profit |
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70 |
70 |
65 |
60 |
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Total
Assets |
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5,096 |
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Current
Assets |
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3,643 |
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Current
Liabs |
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2,027 |
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Net
Worth |
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1,406 |
1,336 |
1,271 |
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Capital,
Paid-Up |
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200 |
200 |
200 |
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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 |
1.25 |
0.70 |
5.23 |
1.94 |
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Current Ratio |
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.. |
179.72 |
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.. |
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N.Worth Ratio |
.. |
27.59 |
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.. |
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R.Profit/Sales |
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.. |
.. |
.. |
.. |
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N.Profit/Sales |
0.86 |
0.88 |
0.82 |
0.79 |
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Return On Equity |
.. |
4.98 |
4.87 |
4.72 |
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Notes: Financials are only partially disclosed, except the 31/03/2007
fiscal term.
Forecast (or estimated) figures for the 31/03/2008 fiscal term.
SUPPLEMENTS:
CONSOLIDATED
FINANCIALS OF THE PARENT, HITACHI LTD
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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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10,247,903 |
9,464,801 |
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Cost of Sales |
8,088,371 |
7,387,744 |
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GROSS PROFIT |
2,159,532 |
2,077,057 |
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Selling & Adm Costs |
1,977,020 |
1,821,045 |
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OPERATING PROFIT |
182,512 |
256,012 |
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Non-Operating P/L |
19,826 |
18,852 |
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RECURRING PROFIT |
202,338 |
274,864 |
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NET PROFIT |
-32,799 |
37,320 |
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BALANCE SHEET |
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Cash |
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617,866 |
658,255 |
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Receivables |
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2,341,609 |
2,266,097 |
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Inventory |
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1,450,258 |
1,262,308 |
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Securities, Marketable |
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Other Current Assets |
1,024,402 |
980,657 |
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TOTAL CURRENT ASSETS |
5,434,135 |
5,167,317 |
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Property & Equipment |
2,688,977 |
2,460,186 |
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Intangibles |
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Investments, Other Fixed Assets |
2,521,147 |
2,393,692 |
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TOTAL ASSETS |
10,644,259 |
10,021,195 |
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Payables |
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1,584,959 |
1,416,367 |
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Short-Term Bank Loans |
894,393 |
752,527 |
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Other Current Liabs |
2,188,192 |
1,952,557 |
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TOTAL CURRENT LIABS |
4,667,544 |
4,121,451 |
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Debentures |
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Long-Term Bank Loans |
1,489,843 |
1,418,489 |
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Reserve for Retirement Allw |
818,457 |
827,669 |
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Other Debts |
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151,869 |
109,006 |
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TOTAL LIABILITIES |
7,127,713 |
6,476,615 |
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MINORITY INTERESTS |
1,073,749 |
1,036,807 |
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Common
stock |
282,033 |
282,033 |
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Additional
paid-in capital |
560,796 |
561,484 |
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Retained
earnings |
1,713,757 |
1,778,203 |
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Evaluation
p/l on investments/securities |
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Others |
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(88,450) |
(95,997) |
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Treasury
stock, at cost |
(25,339) |
(17,950) |
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TOTAL S/HOLDERS` EQUITY |
2,442,797 |
2,507,773 |
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TOTAL EQUITIES |
10,644,259 |
10,021,195 |
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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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615,052 |
690,875 |
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Cash
Flows from Investment Activities |
-786,170 |
-501,362 |
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Cash Flows
from Financing Activities |
121,259 |
-261,638 |
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Cash,
Bank Deposits at the Term End |
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617,866 |
658,255 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2007 |
31/03/2006 |
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Net
Worth (S/Holders' Equity) |
2,442,797 |
2,507,773 |
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Current
Ratio (%) |
116.42 |
125.38 |
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Net
Worth Ratio (%) |
22.95 |
25.02 |
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Recurring
Profit Ratio (%) |
1.97 |
2.90 |
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Net
Profit Ratio (%) |
-0.32 |
0.39 |
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Return
On Equity (%) |
-1.34 |
1.49 |
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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. |
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%)