MIRA
INFORM REPORT
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Report Date : |
05.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
HITACHI PROCUREMENT SERVICE CO LTD |
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Registered Office : |
Shin-Ohtemachi Bldg, 2-2-1 Ohtemachi Chiyodaku Tokyo 100-0004 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
June 2002 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Import, export, wholesale (procurement) o electronics
parts & equipment; staffing services |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
YEN 22.0 Million |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
name & address
HITACHI
PROCUREMENT SERVICE CO LTD
REGD NAME: Hitachi Procurement Service KK
MAIN OFFICE: Shin-Ohtemachi Bldg, 2-2-1 Ohtemachi Chiyodaku
Tokyo 100-0004 JAPAN
Tel: 03-3231-4570 Fax:
03-3275-2509
E-Mail address: (thru
the URL)
ACTIVITIES
Import, export, wholesale
(procurement) o electronics parts & equipment; staffing services
BRANCHES
Tokyo (2), Ibaragi (2)
OFFICER(S)
SATOSHI IZUMI, PRES
Seiichi Gotoh, dir
Masayoshi Oishi, dir
Masatsugu Nakayama, dir
Shin’ichiro Omori, dir
Yen Amount: In
million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 7,516 M
PAYMENTS REGULAR CAPITAL Yen 500 M
TREND STEADY WORTH Yen 976 M
STARTED 2002 EMPLOYES 143
COMMENT
MATERIALS PROCUREMENT COMPANY WHOLLY OWNED BY HITACHI LTD.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY
BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 22.0 MILLION, 30 DAYS NORMAL TERMS
HIGHLIGHTS
The subject company was established by Hitachi Ltd as its procurement division (See RE-GISTRATION for Hitachi ltd). This is a procurement division of Hitachi Ltd for import, export and wholesale of electronic parts, others for the Hitachi group firms. Also engaged in staffing services for group firms. Products are exported to Hitachi Ltd subsidiary factories, too. Clients are Hitachi Ltd and its group firms.
FINANCIAL INFORMATION
The sales volume for Mar/2008 fiscal term amounted to Yen 7,516 million, a 10% up from Yen 10 million in the previous term. The rising prices of materials costs contributed. The recurring profit was posted at Yen 443 million and the net profit at Yen 259 million, respectively, compared with Yen 529 million recurring profit and Yen 294 million net profit, respectively, a year ago. Profits deteriorated due to rising cost of operations.
For the current term ending Mar the recurring profit is projected at Yen 450 million and the net profit at Yen 270 million, respectively, on a 5% rise in turnover, to Yen 7,900 million.
The financial situation is considered FAIR and good for ORDINARY business engagements. Max credit limit is estimated at Yen 22.0 million, on 30 days normal terms.
REGISTRATION
Date Registered: Jun 2002
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 40,000 shares
Issued: 10,000 shares
Sum: Yen 500 million
Major shareholders (%): Hitachi Ltd*(100)
* Hitachi Ltd, largest mfr of comprehensive electrical machinery, Tokyo, founded 1920, listed Tokyo, Osaka, Nagoya, Fukuoka, Sapporo S/E’s, capital Yen 282,033 million, turnover Yen 11,226,735 million, operating profit Yen 345,516 million, recurring profit Yen 324,782 million, net losses Yen 58,125 million, total assets Yen 10,530,847 million, net worth Yen 2,170,612 million, employees 389,752, pres Kazuo Furukawa
Consolidated Financials are as attached (See SUPPLEMENTS)
Nothing detrimental is known as to the commercial morality of executives.
OPERATION
Activities: Procurement services, including import, export and wholesale, of electronic parts, component, equipment for mfg electronic machinery of Hitachi Ltd, staffing services of engineers (--100%).
Clients
[Mfrs] Wholly supplied to Hitachi Ltd and its group firms
No. of accounts: 300
Domestic areas of activities: Nationwide
Suppliers
[Mfrs, wholesalers] Murata Mfg, co, Tomen Device, other
Payment record
Regular
Location
Business area in Tokyo. Office premises at the caption address are leased and maintained satisfactorily.
Bank References
MUFG (Tokyo)
Mizuho Corporate Bank (H/O)
Relations: Satisfactory
FINANCES: (In Million Yen)
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Terms
Ending: |
31/03/2009 |
31/03/2008 |
31/03/2007 |
31/03/2006 |
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Annual
Sales |
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7,900 |
7,516 |
6,823 |
71,629 |
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Recur.
Profit |
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450 |
443 |
529 |
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Net
Profit |
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270 |
259 |
294 |
438 |
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Total
Assets |
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24,664 |
25,629 |
23,602 |
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Current
Assets |
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24,513 |
25,479 |
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Current
Liabs |
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23,626 |
24,628 |
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Net
Worth |
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976 |
946 |
529 |
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Capital,
Paid-Up |
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500 |
500 |
500 |
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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 |
5.11 |
10.16 |
-90.47 |
88.27 |
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Current
Ratio |
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.. |
103.75 |
103.46 |
.. |
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N.Worth
Ratio |
.. |
3.96 |
3.69 |
2.24 |
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R.Profit/Sales |
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5.70 |
5.89 |
7.75 |
.. |
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N.Profit/Sales |
3.42 |
3.45 |
4.31 |
0.61 |
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Return
On Equity |
.. |
26.54 |
31.08 |
82.80 |
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Notes:
Forecast (or estimated) figures for the 31/03/2009 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: |
31/03/2008 |
31/03/2007 |
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INCOME STATEMENT |
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Annual
Sales |
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11,226,735 |
10,247,903 |
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Cost
of Sales |
8,777,657 |
8,088,371 |
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GROSS
PROFIT |
2,449,078 |
2,159,532 |
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Selling
& Adm Costs |
2,103,562 |
1,977,020 |
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OPERATING
PROFIT |
345,516 |
182,512 |
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Non-Operating
P/L |
-20,734 |
19,826 |
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RECURRING
PROFIT |
324,782 |
202,338 |
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NET
PROFIT |
58,125 |
32,799 |
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BALANCE SHEET |
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Cash |
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560,960 |
617,866 |
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Receivables |
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2,365,823 |
2,341,609 |
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Inventory |
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1,441,024 |
1,450,258 |
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Securities,
Marketable |
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Other
Current Assets |
1,033,948 |
1,024,402 |
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TOTAL
CURRENT ASSETS |
5,401,755 |
5,434,135 |
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Property
& Equipment |
2,653,918 |
2,687,977 |
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Intangibles |
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Investments,
Other Fixed Assets |
2,475,174 |
2,522,147 |
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TOTAL
ASSETS |
10,530,847 |
10,644,259 |
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Payables |
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1,601,413 |
1,584,959 |
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Short-Term
Bank Loans |
723,020 |
894,393 |
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Other
Current Liabs |
2,428,466 |
2,188,192 |
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TOTAL
CURRENT LIABS |
4,752,899 |
4,667,544 |
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Debentures |
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Long-Term
Bank Loans |
1,421,607 |
1,489,843 |
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Reserve
for Retirement Allw |
822,440 |
818,457 |
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Other
Debts |
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220,781 |
151,869 |
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TOTAL
LIABILITIES |
7,217,727 |
7,127,713 |
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MINORITY
INTERESTS |
1,142,508 |
1,073,749 |
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Common
stock |
282,033 |
282,033 |
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Additional
paid-in capital |
555,410 |
560,796 |
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Retained
earnings |
1,626,497 |
1,713,757 |
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Evaluation
p/l on investments/securities |
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Others |
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(267,198) |
(88,450) |
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Treasury
stock, at cost |
(26,130) |
(25,339) |
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TOTAL
S/HOLDERS` EQUITY |
2,170,612 |
2,442,797 |
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TOTAL
EQUITIES |
10,530,847 |
10,644,259 |
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CONSOLIDATED CASH FLOWS |
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Terms
ending: |
31/03/2008 |
31/03/2007 |
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Cash
Flows from Operating Activities |
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791,837 |
615,042 |
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Cash
Flows from Investment Activities |
-637,618 |
-786,170 |
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Cash
Flows from Financing Activities |
-185,556 |
121,259 |
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Cash,
Bank Deposits at the Term End |
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560,960 |
617,866 |
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ANALYTICAL RATIOS Terms
ending: |
31/03/2008 |
31/03/2007 |
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Net
Worth (S/Holders' Equity) |
2,170,612 |
2,442,797 |
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Current
Ratio (%) |
113.65 |
116.42 |
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Net
Worth Ratio (%) |
20.61 |
22.95 |
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Recurring
Profit Ratio (%) |
2.89 |
1.97 |
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Net
Profit Ratio (%) |
0.52 |
0.32 |
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Return
On Equity (%) |
2.68 |
1.34 |
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FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.37 |
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UK Pound |
1 |
Rs.78.09 |
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Euro |
1 |
Rs.63.41 |
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%)