MIRA INFORM REPORT

 

 

Report Date :

11.02.2012

 

IDENTIFICATION DETAILS

 

Name :

HITACHI HIGH-TECHNOLOGIES (SINGAPORE) PTE. LTD.

 

 

Formerly Known As :

NISSEI SANGYO (SINGAPORE) PTE. LTD

 

 

Registered Office :

7 TAMPINES GRANDE #05-01 HITACHI SQUARE SINGAPORE 528736

 

 

Country :

Singapore

 

 

Financials (as on) :

Mar 2011

 

 

Date of Incorporation :

13.03.1973

 

 

Com. Reg. No.:

197300451R

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade (Including General Importers And Exporters)

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

S$1,000,000)

Status :

Good

Payment Behaviour :

Regular

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Singapore

A1

A1

 

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 HIGH-TECHNOLOGIES (SINGAPORE) PTE. LTD.

Registration No

:

197300451R

Date of Registration

:

13/03/1973

Former Name

:

NISSEI SANGYO (SINGAPORE) PTE. LTD. Eff. date : 13/03/1973 Eff. date : 13/03/1973

Date of Change of Name

:

01/04/2002

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

7 TAMPINES GRANDE #05-01 HITACHI SQUARE SINGAPORE 528736

Date of Change of Address

:

24/11/2009

Contact No.

:

6733 2754

Fax No.

:

6735 3917

Website

:

www.hitachi-hitec.com.sg

Registered Activities

:

GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

Issued Ordinary Capital*

:

$3,800,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 3,800,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$3,800,000.00 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

:

SGD - SIN 299,480,867.00 (FY2011)

Net Worth

:

SGD - SIN 48,371,274.00 (FY2011)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

1125 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

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

589 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008)

1097 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2007/2008)

810 POSITION IN Singapore 1000 Companies Ranked by Return on Equities (2006/2007)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

credit recommendation to a maximum of S$1,000,000)

 

 

SHAREHOLDER DETAILS

 

NAME

:

HITACHI HIGH-TECHNOLOGIES CORPORATION

SHAREHOLDER ID

:

S73UF0159D

NATIONALITY

:

JAPAN

ADDRESS

:

24-14 NISHI-SHIMBASHI 1-CHOME, MINATO-KU TOKYO 105-8717 JAPAN

NO. OF ORD SHARES

:

3,800,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

OSAMU NAKAMURA

ADDRESS

:

31 AMBER ROAD #13-06 SEA VIEW, THE SINGAPORE 439943

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

01/04/2010

01/04/2010

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6396904X

 

NAME

:

CHONG KIM CHEONG

ADDRESS

:

124 JURONG EAST STREET 13 #16-13 IVORY HEIGHTS SINGAPORE 600124

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2011

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0106059G

 

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

:

TAKASHI SAITO

ADDRESS

:

1255-22 YAITA, TSUKUBA MIRAI-SHI IBARAKI-KEN, JAPAN 300-2337

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2009

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH1670312

 

NAME

:

KUNIHIKO UKENA

ADDRESS

:

2-17-1-2 OOYAMAGUCHI, SHIROI-SHI CHIBA-KEN, JAPAN 270-1434

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2009

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH6346029

 

 

KEY PERSONNEL PROFILE

 

Name:

OSAMU NAKAMURA

NRIC Number:

G6396904X

Available Address:

31 AMBER ROAD #13-06 SEA VIEW, THE  SINGAPORE 439943

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

HITACHI HIGH-TECHNOLOGIES (SINGAPORE) PTE. LTD.

DIRECTOR

01/04/2010

-

-

2

HITACHI HIGH-TECHNOLOGIES (SINGAPORE) PTE. LTD.

MANAGING DIRECTOR

01/04/2010

-

-

 

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.

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

 

Date of Last AGM

:

24/06/2011

Date of Last AR

:

22/07/2011

Date of A/C Laid At Last AGM

:

31/03/2011

 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

299,480,867

65.72

180,712,640

198,725,340

307,276,379

392,527,922

Profit/(Loss) Before Tax

6,984,625

71.12

4,081,595

(2,745,732)

7,865,103

10,955,817

Profit After Tax attributable to Shareholders

5,656,544

52.67

3,705,168

(3,249,679)

7,502,097

9,410,059

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

104,276,829

-3.33

107,864,849

74,399,846

107,320,683

126,829,967

Current Assets

100,959,595

-2.96

104,041,067

70,661,999

102,625,595

121,571,223

Non Current Assets

3,317,234

-13.25

3,823,782

3,737,847

4,695,088

5,258,744

 

 

 

 

 

 

 

Total Liabilities

55,905,555

-4.81

58,731,541

28,193,036

53,625,467

75,780,515

Current Liabilities

55,905,555

-4.81

58,731,541

28,193,036

53,625,467

75,780,515

Non Current Liabilities

0

NA

0

0

0

0

 

 

 

 

 

 

 

Shareholders' Funds

48,371,274

-1.55

49,133,310

46,206,810

53,695,217

51,049,453

Share Capital

3,007,928

-11.25

3,389,353

3,430,278

3,497,166

3,710,277

Total Reserves

45,363,346

-0.83

45,743,957

42,776,532

50,198,051

47,339,176

FINANCIAL RATIOS

 

 

Company

 

MAR 2011

MAR 2010

MAR 2009

MAR 2008

MAR 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

65.72

-9.06

-35.33

-21.72

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

1.89

2.05

-1.64

2.44

2.40

Return on Equity (%)

11.69

7.54

-7.03

13.97

18.43

Return on Assets (%)

5.42

3.44

-4.37

6.99

7.42

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

1.16

1.20

0.61

1.00

1.48

Current Debt/Equity (Times)

1.16

1.20

0.61

1.00

1.48

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.00

Total Asset To Total Equity (Times)

2.16

2.20

1.61

2.00

2.48

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

2.87

1.68

2.67

2.86

3.09

Fixed Assets Turnover (Times)

90.28

47.26

53.17

65.45

74.64

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.81

1.77

2.51

1.91

1.60

 

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 1.89 per cent in FY11 (FY10: 2.05 per cent). The company is now able to book in SGD - SIN 0.02 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.02 a year ago.

 

Liquidity

 

Current ratio stood at 1.81 times in FY11 (FY10: 1.77 times). This means that the company has SGD - SIN 1.81 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 1.16 times in FY11, compared with 1.20 times in FY10. This means that the company requires additional external financing of SGD - SIN 1.16 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 11.69 per cent for Subject in the current financial period, as compared to 7.54 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 5.42 per cent (FY10: 3.44 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 2.87 times in FY11 (FY10: 1.68 times). 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.49.64

UK Pound

1

Rs.78.35

Euro

1

Rs.65.79

 

 

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.