MIRA INFORM REPORT

Report Date :

18.12.2012

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 :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

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 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Singapore

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Singapore - ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

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)

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.54.62
UK Pound	1	Rs.88.40
Euro	1	Rs.71.85

INFORMATION DETAILS

Report Prepared by :

NLM

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.

Executive Summary

SHAREHOLDER DETAILS

OFFICER DETAILS

KEY PERSONNEL PROFILE

SUBSIDIARIES AND ASSOCIATE COMPANIES

BANKERS/ FINANCIERS

LITIGATION

W.e.f 01 Jan 2011

COMPLIANCE

FINANCIAL HIGHLIGHTS

FINANCIAL RATIOS

FINANCIAL HIGHLIGHTS

FINANCIAL RATIOS

FINANCIAL COMMENTARY

Compound Annual Growth Rate

Unit