MIRA INFORM REPORT

 

 

Report Date :

06.01.2011

 

IDENTIFICATION DETAILS

 

Name :

HITACHI MEDICAL SYSTEMS (S) PTE LTD

 

 

Registered Office :

7 Tampines Grande #04-01 Singapore 528736

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

20.09.1994

 

 

Com. Reg. No.:

199406722E

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale of medical, professional, scientific and precision equipment Sell or deal in medical equipment

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

S$288,000

Status :

Moderate

Payment Behaviour :

Unknown

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 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Singapore

a1

a11

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Executive Summary

 

Company Name

:

HITACHI MEDICAL SYSTEMS (S) PTE LTD

Registration No

:

199406722E

Date of Registration

:

20/09/1994

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

7 TAMPINES GRANDE #04-01 SINGAPORE 528736

Date of Change of Address

:

01/08/2009

Contact No.

:

6296 2202

Fax No.

:

6292 2242

Website

:

NA

Registered Activities

:

WHOLESALE OF MEDICAL, PROFESSIONAL, SCIENTIFIC AND PRECISION EQUIPMENT SELL OR DEAL IN MEDICAL EQUIPMENT

Issued Ordinary Capital*

:

$600,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 600,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$600,000.00 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

:

NA

No. of Local Associates

:

NA

Auditor

:

ERNST & YOUNG LLP

Bankers / Financiers

:

NA

Turnover

:

U.S. DOLLAR 28,547,296.00 (FY2010)

Net Worth

:

U.S. DOLLAR 4,121,424.00 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 500

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$288,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

HITACHI MEDICAL CORPORATION

SHAREHOLDER ID

:

T06UF3343J

NATIONALITY

:

JAPAN

ADDRESS

:

AKIHABARA UDX, 4-14-1, SOTO-KANDA, CHIYODA-KU TOKYO, 101-0021, JAPAN

NO. OF ORD SHARES

:

600,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

HIROSHI HARANO

ADDRESS

:

370H ALEXANDRA ROAD #11-04 ANCHORAGE CONDOMINIUM, THE SINGAPORE 159961

POSITION

:

DIRECTOR

DATE OF APPT

:

30/03/2007

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G5717570U

 

NAME

:

KANEHIRO MATSUDA

ADDRESS

:

16 STIRLING ROAD #19-20 QUEENS SINGAPORE 148957

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

30/03/2005

01/04/2007

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G5798045T

 

NAME

:

TAKEHIRO FUJIMOTO

ADDRESS

:

86 JELLICOE ROAD #19-20 CITYLIGHTS SINGAPORE 208745

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

01/11/2009

01/11/2009

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6321903M

 

NAME

:

KENICHIRO KOSUGI

ADDRESS

:

3-16-47 JOUSUIHONCHO KODAIRA-SHI TOKYO, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

01/05/2008

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

MS0883723

 

NAME

:

YEO POH NOI CAROLINE

ADDRESS

:

16 CHILTERN DRIVE BRADDELL HEIGHTS ESTATE SINGAPORE 359735

POSITION

:

SECRETARY

DATE OF APPT

:

15/06/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1340579D

 

NAME

:

NOBUO OSHIMA

ADDRESS

:

1-1-2-1104, SENJU, ADACHI-KU TOKYO JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TG8441186

NAME

:

KIYOSHI HAMAMATSU

ADDRESS

:

5-47-5 MASAGO, MIHAMA-KU, CHIBA CITY, CHIBA JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH5881550

 

NAME

:

TSUNEO MAEDA

ADDRESS

:

2-5-4 SUMIDA-KU ISHIWARA TOKYO, 130-0011, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

15/06/2009

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH8866801

 

NAME

:

YOSHIYA OGASAWARA

ADDRESS

:

547-26 FUTATSUZUKA, NODA-CITY, CHIBA 278-0016, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2007

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TZ0225771

 

 

KEY PERSONNEL PROFILE

 

Name:

KANEHIRO MATSUDA

NRIC Number:

G5798045T

Available Address:

16 STIRLING ROAD #19-20 QUEENS  SINGAPORE 148957

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

HITACHI MEDICAL SYSTEMS (S) PTE LTD

DIRECTOR

30/03/2005

-

-

 

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 (%)

NA

 

                                                                                                                       

 

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

 

Clear

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

01/07/2010

Date of Last AR

:

28/07/2010

Date of A/C Laid At Last AGM

:

31/03/2010

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

MAR 2010

MAR 2009

MAR 2008

MAR 2007

MAR 2006

Currency

U.S. DOLLAR

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

Turnover

28,547,296

32,926,371

48,924,688

40,057,902

19,828,608

Profit/(Loss) Before Tax

130,610

850,919

2,023,080

1,103,965

477,139

Profit After Tax attributable to Shareholders

130,586

686,944

1,753,711

911,630

379,522

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

Total Assets

16,701,181

28,070,690

31,378,551

16,803,881

5,771,979

Current Assets

16,489,738

27,851,398

31,122,293

16,591,548

5,656,470

Non Current Assets

211,443

219,292

256,258

212,333

115,509

 

 

 

 

 

 

Total Liabilities

12,579,757

22,314,504

26,210,462

13,181,438

4,034,370

Current Liabilities

12,579,757

22,314,504

26,194,338

13,136,829

4,031,983

Non Current Liabilities

0

0

16,124

44,609

2,387

 

 

 

 

 

 

Shareholders' Funds

4,121,424

5,756,185

5,168,089

3,622,444

1,737,609

Share Capital

402,361

580,345

591,662

627,717

402,361

Total Reserves

3,719,063

5,175,840

4,576,427

2,994,727

1,335,248

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

MAR 2010

MAR 2009

MAR 2008

MAR 2007

MAR 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

NA

NA

NA

NA

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.46

2.09

3.58

2.28

1.91

Return on Equity (%)

3.17

11.93

33.93

25.17

21.84

Return on Assets (%)

0.78

2.45

5.59

5.43

6.58

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

3.05

3.88

5.07

3.64

2.32

Current Debt/Equity (Times)

3.05

3.88

5.07

3.63

2.32

Long Term Debt To Equity (Times)

NA

NA

0.00

0.01

0.00

Total Asset To Total Equity (Times)

4.05

4.88

6.07

4.64

3.32

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.71

1.17

1.56

2.38

3.44

Fixed Assets Turnover (Times)

135.01

150.15

190.92

188.66

171.66

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.31

1.25

1.19

1.26

1.40

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 0.46 per cent in FY10. The company is now able to book in U.S. DOLLAR 0.00 of profit for every U.S. DOLLAR of sales.

 

 

Liquidity

 

Current ratio stood at 1.31 times in FY10. This means that the company has U.S. DOLLAR 1.31 of current assets for every U.S. DOLLAR 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 at 3.05 times in FY10. This means that the company requires additional external financing of U.S. DOLLAR 3.05 for every U.S. DOLLAR 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 3.17 per cent for Subject in the current financial period. 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 0.78 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 1.71 times in FY10. This ratio measures the company'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.45.20

UK Pound

1

Rs.70.27

Euro

1

Rs.59.99

 

 

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.