MIRA INFORM REPORT

 

 

Report Date :           

19.08.2011

 

IDENTIFICATION DETAILS

 

Name :

HITACHI ASIA LTD.

 

 

Registered Office :

7 Tampines Grande #08-01 Hitachi Square Singapore 528736

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2011 (Group)

31.03.2011 (Company)

 

 

Date of Incorporation :

01.02.1989

 

 

Com. Reg. No.:

198900416g

 

 

Legal Form :

Public Company Limited By Shares

 

 

Line of Business :

Wholesale of industrial machinery and equipment

 

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

 

Maximum Credit Limit :

S$1,000,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct 

 

 

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, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Singapore

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

Executive Summary

 

Company Name

:

HITACHI ASIA LTD.

Registration No

:

198900416G

Date of Registration

:

01/02/1989

Former Name

:

HITACHI ASIA PTE. LTD. Eff. date : 01/02/1989 Eff. date : 01/02/1989

Date of Change of Name

:

12/03/1998

Type of Company

:

PUBLIC COMPANY LIMITED BY SHARES

Registered Address

:

7 TAMPINES GRANDE #08-01 HITACHI SQUARE SINGAPORE 528736

Date of Change of Address

:

30/10/2009

Contact No.

:

6535 2100

Fax No.

:

6535 1533

Website

:

www.hitachi.com.sg

Registered Activities

:

1. WHOLESALE OF INDUSTRIAL MACHINERY AND EQUIPMENT

SALE OF INDUSTRIAL PARTS, COMPONENTS AND EQUIPMENTS, PROVIDE BUSINESS SOLUTION

2. BUILDING CONSTRUCTION NEC

Issued Ordinary Capital*

:

$24,000,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 24,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$24,000,000.00 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

NA

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

1

No. of Local Associates

:

NA

Auditor

:

ERNST & YOUNG LLP

Bankers / Financiers

:

NA

Turnover

:

SINGAPORE, DOLLARS 1,187,294,416.00 (FY2011)

Net Worth

:

SINGAPORE, DOLLARS 92,091,488.00 (FY2011)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

1

S1000 / SME 500 / FG50 Ranking

:

945 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2009/2010)

279 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

220 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

149 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2004/2005)

94 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2003/2004)

Compounded Annual Growth Rate (CAGR)

:

2.12% (4 years)

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

HITACHI, LTD.

SHAREHOLDER ID

:

T03UF1364G

NATIONALITY

:

NA

ADDRESS

:

6-6, MARUNOUCHI 1-CHOME CHIYODA-KU, TOKYO, 100-8280 JAPAN

NO. OF ORD SHARES

:

24,000,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

MAKOTO NAGASHIMA

ADDRESS

:

205 RIVER VALLEY ROAD #07-52 SINGAPORE 238274

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

01/01/2011

01/01/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

F2319177Q

 

NAME

:

KIYOSHI KINUGAWA

ADDRESS

:

50 AMBER ROAD #12-04 AMBER RESIDENCES SINGAPORE 439888

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G5125734R

 

NAME

:

KIYOAKI IIGAYA

ADDRESS

:

5 RODYK STREET #07-21 WATERMARK ROBERTSON QUAY SINGAPORE 238214

POSITION

:

DIRECTOR

DATE OF APPT

:

01/07/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G5148836P

 

NAME

:

SEET GEOK NEO PATRICIA

ADDRESS

:

33 GARLICK AVENUE SINGAPORE 275826

POSITION

:

SECRETARY

DATE OF APPT

:

01/07/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1465985D

 

NAME

:

PEK LAY PHENG (BAI LIPING)

ADDRESS

:

318D ANCHORVALE LINK #06-229 SINGAPORE 544318

POSITION

:

SECRETARY

DATE OF APPT

:

22/02/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7704449C

 

NAME

:

CHAN LYE FUN

ADDRESS

:

453 CHOA CHU KANG AVENUE 4 #06-125 SINGAPORE 680453

POSITION

:

SECRETARY

DATE OF APPT

:

22/02/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7922494D

 

 

KEY PERSONNEL PROFILE

 

Name:

MAKOTO NAGASHIMA

NRIC Number:

F2319177Q

Available Address:

205 RIVER VALLEY ROAD #07-52  SINGAPORE 238274

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

HITACHI ASIA LTD.

DIRECTOR

01/01/2011

-

-

2

HITACHI ASIA LTD.

MANAGING DIRECTOR

01/01/2011

-

-

3

HITACHI ELEVATOR ASIA PTE. LTD.

DIRECTOR

01/01/2011

-

-

4

HITACHI HOME ELECTRONICS ASIA (S) PTE. LTD.

DIRECTOR

01/01/2011

-

-

5

JAPANESE CHAMBER OF COMMERCE AND INDUSTRY, SINGAPORE

DIRECTOR

11/01/2011

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

No Trace

 

 

 

 

 

Bankruptcy Record

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Litigation Search – Writ of Summons

Court

Case No.

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

HITACHI HOME ELECTRONICS ASIA (S) PTE. LTD.

100

 

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

 

             

 

 

 

LITIGATION

 

The following litigation suits were traced against Subject. Case status is as per available database. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT).

 

To date, there have been 1 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2011

Past Years

W.e.f 01 Jan 2011

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

1

District ($80,000 - $250,000)

0

0

High (>$250,000)

0

0

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Magistrate Court

 

Case No.

:

18680

 

Date of Filing

:

11/10/1996

 

Amount

:

0.00

 

Cause

:

NEGLIGENCE-MOTOR ACCIDENTS(NOT INJURIES/DEATH)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

LAM SU YIN

 

Last Update Date

:

26/05/2003

 

 

COMPLIANCE

 

Date of Last AGM

:

15/07/2011

Date of Last AR

:

15/08/2011

Date of A/C Laid At Last AGM

:

31/03/2011
 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Group

 

MAR 2011

% Change

MAR 2010

MAR 2009

MAR 2008

MAR 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

1,187,294,416

29.68

915,546,849

1,083,330,334

1,116,139,051

1,091,653,000

Profit/(Loss) Before Tax

21,000,992

-2.69

21,582,350

5,906,423

7,652,352

13,073,000

Profit After Tax attributable to Shareholders

16,294,560

-13.99

18,944,413

5,449,198

9,374,278

10,886,000

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

383,222,288

-1.27

388,167,352

467,588,234

563,461,022

536,153,000

Current Assets

356,935,856

-0.57

358,990,420

437,395,522

548,775,388

525,562,000

Non Current Assets

26,286,432

-9.91

29,176,932

30,192,712

14,685,634

10,591,000

 

 

 

 

 

 

 

Total Liabilities

291,130,800

-5.40

307,753,715

407,921,100

399,808,918

389,347,000

Current Liabilities

281,720,592

-6.97

302,839,825

407,442,240

399,798,625

389,317,000

Non Current Liabilities

9,410,208

91.50

4,913,890

478,860

10,293

30,000

 

 

 

 

 

 

 

Shareholders' Funds

92,091,488

14.52

80,413,637

59,667,135

163,652,104

146,806,000

Share Capital

23,109,856

-6.82

24,800,321

25,099,775

25,589,206

24,000,000

Total Reserves

68,122,416

22.49

55,613,316

34,567,360

138,062,898

122,806,000

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Group

 

MAR 2011

MAR 2010

MAR 2009

MAR 2008

MAR 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

29.68

-15.49

-2.94

2.24

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

1.37

2.07

0.50

0.84

1.00

Return on Equity (%)

17.69

23.56

9.13

5.73

7.42

Return on Assets (%)

4.25

4.88

1.17

1.66

2.03

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

3.16

3.83

6.84

2.44

2.65

Current Debt/Equity (Times)

3.06

3.77

6.83

2.44

2.65

Long Term Debt To Equity (Times)

0.10

0.06

0.01

0.00

0.00

Total Asset To Total Equity (Times)

4.16

4.83

7.84

3.44

3.65

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

3.10

2.36

2.32

1.98

2.04

Fixed Assets Turnover (Times)

45.17

31.38

35.88

76.00

103.07

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.27

1.19

1.07

1.37

1.35

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

MAR 2011

% Change

MAR 2010

MAR 2009

MAR 2008

MAR 2007

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

*

NA

0

0

0

0

Profit/(Loss) Before Tax

*

NA

0

0

0

0

Profit After Tax attributable to Shareholders

*

NA

0

0

0

0

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

186,481,744

-14.17

217,275,021

283,836,914

296,715,000

293,658,000

Current Assets

167,108,880

-14.67

195,840,092

262,927,884

276,842,000

277,959,000

Non Current Assets

19,372,864

-9.62

21,434,929

20,909,030

19,873,000

15,699,000

 

 

 

 

 

 

 

Total Liabilities

125,284,848

-21.93

160,481,936

236,970,454

165,647,000

166,007,000

Current Liabilities

124,636,784

-22.09

159,974,601

236,491,577

165,647,000

166,007,000

Non Current Liabilities

648,064

27.74

507,336

478,877

0

0

 

 

 

 

 

 

 

Shareholders' Funds

61,196,896

7.75

56,793,085

46,866,461

131,068,000

127,651,000

Share Capital

23,109,856

-6.81

24,799,590

25,100,645

24,000,000

24,000,000

Total Reserves

38,087,040

19.05

31,993,495

21,765,816

107,068,000

103,651,000

 

 

 

 

 

 

 

* As per Companies Act, section 201 Accounts, Consolidated accounts and directors report, sub-section 3A.

 

FINANCIAL RATIOS

 

 

Company

 

MAR 2011

MAR 2010

MAR 2009

MAR 2008

MAR 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

NA

NA

NA

NA

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.00

0.00

0.00

0.00

0.00

Return on Equity (%)

0.00

0.00

0.00

0.00

0.00

Return on Assets (%)

0.00

0.00

0.00

0.00

0.00

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

2.05

2.83

5.06

1.26

1.30

Current Debt/Equity (Times)

2.04

2.82

5.05

1.26

1.30

Long Term Debt To Equity (Times)

0.01

0.01

0.01

0.00

0.00

Total Asset To Total Equity (Times)

3.05

3.83

6.06

2.26

2.30

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.00

0.00

0.00

0.00

0.00

Fixed Assets Turnover (Times)

0.00

0.00

0.00

0.00

0.00

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.34

1.22

1.11

1.67

1.67

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 2.12% (4 years).

 

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

 

 

Profitability

The group yielded a rate of net profit on sales of 1.37 per cent in FY11 (FY10: 2.07 per cent). The group is now able to book in SINGAPORE, DOLLARS 0.01 of profit for every SINGAPORE, DOLLARS of sales in FY11, as compared with SINGAPORE, DOLLARS 0.02 a year ago.

 

 

Liquidity

 

Current ratio stood at 1.27 times in FY11 (FY10: 1.19 times). This means that the group has SINGAPORE, DOLLARS 1.27 of current assets for every SINGAPORE, DOLLARS of current liability incurred.

 

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

 

Leverage

Total debt-to-equity ratio notched 3.16 times in FY11, as compared with 3.83 times in FY10. This means that the group requires additional external financing of SINGAPORE, DOLLARS 3.16 for every SINGAPORE, DOLLARS injected into its operations.

 

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

 

 

Efficiency Ratio

 

Return on equity was 17.69 per cent for Subject in the current financial period, as compared to 23.56 per cent a year ago. The return on equity measures the return earned on the owner's investment.  Generally, the higher this return, the better off the owner.

 

Return on assets stood at 4.25 per cent (FY10: 4.88 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

Total assets turnover ratio logged at 3.10 times in FY11 (FY10: 2.36 times). This ratio measures the group's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.61

UK Pound

1

Rs.75.32

Euro

1

Rs.65.68

 

 

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%)

 

 

 

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