MIRA INFORM REPORT

Report Date :

22.12.2012

IDENTIFICATION DETAILS

Name :	HITACHI ASIA LTD.
Formerly Known As :	HITACHI ASIA PTE. LTD. Eff. date : 01/02/1989 Eff. date : 01/02/1989
Registered Office :	7 Tampines Grande #08-01 Hitachi Square Singapore 528736
Country :	Singapore
Financials (as on) :	March, 2012
Date of Incorporation :	01.02.1989
Com. Reg. No.:	198900416G
Legal Form :	Limited Liability Company
Line of Business :	Wholesale of Industrial Machinery and Equipment
No. of Employees :	Not Available

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
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^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Singapore	A1	A1

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

Company Name:	Registered Number:
HITACHI ASIA LTD.	198900416G

Date Incorporated:	Registered Office:	Telephone Number:
01/02/1989	7 TAMPINES GRANDE #08-01 HITACHI SQUARE SINGAPORE 528736	6535 2100
Age of Company:	Website:	Industry Type:
23	www.hitachi.com.sg	COMMERCE-WHOLESALE

Risk Dashboard
Days Beyond Terms	Trend:	No. of Litigation Counts:
Company DTC:		1
9
Payment pattern as per previous month		No. of Charges(s): 0
Industry DTC
24

Directors		Corporate Structure
Number of Current Directors	3	Holding Company:	HITACHI, LTD.
Number that are shareholders	1	No. of Subsidiaries & Associated Companies:	1

Company name

HITACHI ASIA LTD.

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*	:	$99,500,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 99,500,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$99,500,000.00 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	:	SGD - SIN 1,286,585,946.00 (FY2012)
Net Worth	:	SGD - SIN 151,340,976.00 (FY2012)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	1
S1000 / SME 1000 / FG50 Ranking	:	282 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011) 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)
Compounded Annual Growth Rate (CAGR)	:	3.62% (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	:	99,500,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

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	:	TOYOSHIMA YUKIO
ADDRESS	:	99 ROBERTSON QUAY #27-16 RIVERGATE SINGAPORE 238258
POSITION	:	DIRECTOR
DATE OF APPT	:	01/10/2012
NATIONALITY	:	JAPANESE
I/C PASSPORT	:	G5350679N
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	:	TAN MICHELLE
ADDRESS	:	414 ANG MO KIO AVENUE 10 #04-919 SINGAPORE 560414
POSITION	:	SECRETARY
DATE OF APPT	:	27/03/2012
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S8020933I

KEY PERSONNEL PROFILE

Name:	TOYOSHIMA YUKIO
NRIC Number:	G5350679N
Available Address:	99 ROBERTSON QUAY #27-16 RIVERGATE SINGAPORE 238258

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	HITACHI ASIA LTD.	DIRECTOR	01/10/2012	-	NA
2	HITACHI ASIA LTD.	MANAGING DIRECTOR	01/10/2012	-	NA
3	HITACHI ELEVATOR ASIA PTE. LTD.	DIRECTOR	01/10/2012	-	NA
4	HITACHI HOME ELECTRONICS ASIA (S) PTE. LTD.	DIRECTOR	01/10/2012	-	NA
5	JAPANESE CHAMBER OF COMMERCE AND INDUSTRY, SINGAPORE	DIRECTOR	01/10/2012	-	NA

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
No Trace

Bankruptcy Record

(Status include petition filed, order made, discharge, annulment, set aside, rescinded and withdrawn)

Case No.	Year	Date of Filing	Petitioner Name	Amount
No Trace

Note: Please purchase case details to know the latest status.

Litigation Search – Writ of Summons

Court	Case No.	Transfer	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 in DP Information Network Pte Ltd database. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered by DP Information Network Pte Ltd.

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

	Current Year On/After 01 Jan 2012	Past Years Bef 01 Jan 2012
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
	Transfer	:	-
	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 in DP Info Database	:	26/05/2003

COMPLIANCE

Date of Last AGM	:	25/07/2012
Date of Last AR	:	22/08/2012
Date of A/C Laid At Last AGM	:	31/03/2012

COMPLIANCE RATING FOR ANNUAL FILING

ANNUAL GENERAL MEETING,ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

Note:

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	MAR 2012	% Change	MAR 2011	MAR 2010	MAR 2009	MAR 2008
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	1,286,585,946	8.36	1,187,294,416	915,546,849	1,083,330,334	1,116,139,051
Profit/(Loss) Before Tax	25,181,379	19.91	21,000,992	21,582,350	5,906,423	7,652,352
Profit After Tax attributable to Shareholders	25,874,433	58.79	16,294,560	18,944,413	5,449,198	9,374,278
Balance Sheet Key Figures
Total Assets	480,500,343	25.38	383,222,288	388,335,519	467,588,234	563,461,022
Current Assets	418,779,756	17.33	356,935,856	358,990,420	437,395,522	548,775,388
Non Current Assets	61,720,587	134.80	26,286,432	29,345,099	30,192,712	14,685,634
Total Liabilities	329,159,367	13.06	291,130,800	307,921,881	407,921,100	399,808,918
Current Liabilities	320,827,707	13.88	281,720,592	302,839,825	407,442,240	399,798,625
Non Current Liabilities	8,331,660	-11.46	9,410,208	5,082,056	478,860	10,293
Shareholders' Funds	151,340,976	64.34	92,091,488	80,413,637	59,667,135	163,652,104
Share Capital	66,285,486	186.83	23,109,856	24,800,321	25,099,775	25,589,206
Total Reserves	85,055,490	23.30	68,981,632	55,613,316	34,567,360	138,062,898

FINANCIAL RATIOS

	Group
	MAR 2012	MAR 2011	MAR 2010	MAR 2009	MAR 2008
Growth %
Year-on-Year Growth	8.36	29.68	-15.49	-2.94	NA
Profitability
Profit Margin (%)	2.01	1.37	2.07	0.50	0.84
Return on Equity (%)	17.10	17.69	23.56	9.13	5.73
Return on Assets (%)	5.38	4.25	4.88	1.17	1.66
Leverage
Total Debt/Equity (Times)	2.17	3.16	3.83	6.84	2.44
Current Debt/Equity (Times)	2.12	3.06	3.77	6.83	2.44
Long Term Debt To Equity (Times)	0.06	0.10	0.06	0.01	0.00
Total Asset To Total Equity (Times)	3.17	4.16	4.83	7.84	3.44
Asset Management
Total Assets Turnover (Times)	2.68	3.10	2.36	2.32	1.98
Fixed Assets Turnover (Times)	20.85	45.17	31.20	35.88	76.00
Liquidity
Current Ratio (Times)	1.31	1.27	1.19	1.07	1.37

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	MAR 2012	% Change	MAR 2011	MAR 2010	MAR 2009	MAR 2008
Currency	SINGAPORE, DOLLARS		SINGAPORE, DOLLARS	SINGAPORE, DOLLARS	SINGAPORE, DOLLARS	SINGAPORE, DOLLARS
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	257,145,552	37.89	186,481,744	217,275,021	283,836,914	296,715,000
Current Assets	197,575,434	18.23	167,108,880	195,840,092	262,927,884	276,842,000
Non Current Assets	59,570,118	207.49	19,372,864	21,434,929	20,909,030	19,873,000
Total Liabilities	137,180,907	9.50	125,284,848	160,481,936	236,970,454	165,647,000
Current Liabilities	136,955,727	9.88	124,636,784	159,974,601	236,491,577	165,647,000
Non Current Liabilities	225,180	-65.25	648,064	507,336	478,877	0
Shareholders' Funds	119,964,645	96.03	61,196,896	56,793,085	46,866,461	131,068,000
Share Capital	66,285,486	186.83	23,109,856	24,799,590	25,100,645	24,000,000
Total Reserves	53,679,159	40.94	38,087,040	31,993,495	21,765,816	107,068,000

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

FINANCIAL RATIOS

	Company
	MAR 2012	MAR 2011	MAR 2010	MAR 2009	MAR 2008
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)	1.14	2.05	2.83	5.06	1.26
Current Debt/Equity (Times)	1.14	2.04	2.82	5.05	1.26
Long Term Debt To Equity (Times)	0.00	0.01	0.01	0.01	0.00
Total Asset To Total Equity (Times)	2.14	3.05	3.83	6.06	2.26
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)	1.44	1.34	1.22	1.11	1.67

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 3.62% (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 2.01 per cent in FY12 (FY11: 1.37 per cent). The group is now able to book in SGD - SIN 0.02 of profit for every SGD - SIN of sales in FY12, as compared with SGD - SIN 0.01 a year ago.

Liquidity

Current ratio stood at 1.31 times in FY12 (FY11: 1.27 times). This means that the group has SGD - SIN 1.31 of current assets for every SGD - SIN 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 2.17 times in FY12, compared with 3.16 times in FY11. This means that the group requires additional external financing of SGD - SIN 2.18 for every SGD - SIN 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 17.10 per cent for Subject in the current financial period, as compared to 17.69 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 5.38 per cent (FY11: 4.25 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 2.68 times in FY12 (FY11: 3.10 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.55.08
UK Pound	1	Rs.89.53
Euro	1	Rs.72.77

INFORMATION DETAILS

Report Prepared by :

SDA

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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