MIRA INFORM REPORT

 

Report Date :

17.01.2012

 

IDENTIFICATION DETAILS

 

Name :

HITACHI ELEVATOR ASIA PTE. LTD.

 

 

Formerly Known As :

HITACHI ELEVATOR ENGINEERING ( SINGAPORE) PRIVATE LIMITED

 

 

Registered Office :

10 Toh Guan Road East Singapore 608597

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

20.10.1972

 

 

Com. Reg. No.:

197201468W

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Manufacture and Repair of Lifts and Escalators

 

 

No. of Employees :

Not Available

 

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$1,000,000

Status :

Moderate

Payment Behaviour :

No Complaints

Litigation :

Exists

 

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 ELEVATOR ASIA PTE. LTD.

Registration No

:

197201468W

Date of Registration

:

20/10/1972

Former Name

:

HITACHI ELEVATOR ENGINEERING ( SINGAPORE) PRIVATE LIMITED Eff. date : 20/10/1972 Eff. date : 20/10/1972

Date of Change of Name

:

30/08/2010

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

10 TOH GUAN ROAD EAST SINGAPORE 608597

Date of Change of Address

:

23/05/2003

Contact No.

:

6416 1711

Fax No.

:

6561 0991

Website

:

www.has.hitachi.com.sg

Registered Activities

:

1. MANUFACTURE AND REPAIR OF LIFTS AND ESCALATORS

2. ENGINEERING ACTIVITIES NEC

REPAIR & MAINTENANCE OF LIFTS AND ESCALATORS AND OTHER ENGINEERING ACTIVITIES

Issued Ordinary Capital*

:

$14,100,000.00 SINGAPORE, DOLLARS, NO. OF SHARE : 28,200

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$14,100,000.00 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 123,729,098.00 (FY2011)

Net Worth

:

SGD - SIN 41,801,694.00 (FY2011)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

4

S1000 / SME 500 / FG50 Ranking

:

1589 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

1281 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2008/2009)

1209 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2007/2008)

1091 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2006/2007)

1100 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2005/2006)

Compounded Annual Growth Rate (CAGR)

:

4.7% (4 years)

 

 

Credit Rating & 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

:

15,060

% OF SHAREHOLDING

:

53.4%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

HITACHI BUILDING SYSTEMS CO., LTD

SHAREHOLDER ID

:

T07UF0161L

NATIONALITY

:

JAPAN

ADDRESS

:

7, KANDA-MITOSHIRO-CHO CHIYODA-KU, TOKYO 101-8941, JAPAN

NO. OF ORD SHARES

:

10,320

% OF SHAREHOLDING

:

36.6%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

YUNGTAY ENGINEERING COMPANY LIMITED

SHAREHOLDER ID

:

T07UF0050H

NATIONALITY

:

TAIWAN

ADDRESS

:

11TH FLR 99 FU HSING NORTH RD TAIPEI TAIWAN

NO. OF ORD SHARES

:

2,820

% OF SHAREHOLDING

:

10%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

MAKOTO NAGASHIMA

ADDRESS

:

99 ROBERTSON QUAY #27-16 RIVERGATE SINGAPORE 238258

POSITION

:

DIRECTOR

DATE OF APPT

:

01/01/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

F2319177Q

 

NAME

:

TAKAHASHI YUSUKE

ADDRESS

:

221 QUEENSWAY #02-12 VIZ AT HOLLAND SINGAPORE 276750

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

01/04/2011

01/04/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G0459750N

 

NAME

:

OJIMA KOJI

ADDRESS

:

2 RIVER VALLEY GROVE #11-02 2 RVG SINGAPORE 238405

POSITION

:

DIRECTOR

DATE OF APPT

:

01/07/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

G6267677P

 

NAME

:

FOO SOON SOO

ADDRESS

:

4 MIMOSA VALE MIMOSA VALE SINGAPORE 807927

POSITION

:

SECRETARY

DATE OF APPT

:

18/01/2005

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1310912E

 

NAME

:

JOHNNY YEO ENG KWEE

ADDRESS

:

458 CHOA CHU KANG AVENUE 4 #05-205 SINGAPORE 680458

POSITION

:

DIRECTOR

DATE OF APPT

:

22/06/2011

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1464403B

 

NAME

:

TOMOMICHI SHIOHARA

ADDRESS

:

18-15, SOTONO 2-CHOME, HITACHINAKA-SHI, IBARAKI 312-0053 JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

08/06/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TG2389525

 

NAME

:

TOSHIO IKEMURA

ADDRESS

:

22-8, MATSUBARA 5-CHOME, SETAGAYA-KU TOKYO 156-0043, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

08/06/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH0168467

 

NAME

:

EIICHI SASAKI

ADDRESS

:

PARK TOWER UENO-IKENOHATA 203, 1-1 IKENOHATA 2-CHOME, TAITO-KU, TOKYO, 110-0008, JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

08/06/2011

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TH1343546

 

NAME

:

SHINJI MIZUMOTO

ADDRESS

:

2-30-16-411 HASUNE ITABASHI-KU TOKYO JAPAN

POSITION

:

DIRECTOR

DATE OF APPT

:

01/04/2009

NATIONALITY

:

JAPANESE

I/C PASSPORT

:

TZ0549500

 

 

KEY PERSONNEL PROFILE

 

Name:

TAKAHASHI YUSUKE

NRIC Number:

G0459750N

Available Address:

221 QUEENSWAY #02-12 VIZ AT HOLLAND  SINGAPORE 276750

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

HITACHI ELEVATOR ASIA PTE. LTD.

DIRECTOR

01/04/2011

-

-

2

HITACHI ELEVATOR ASIA PTE. LTD.

MANAGING DIRECTOR

01/04/2011

-

-

3

THE JAPANESE SCHOOL SINGAPORE LIMITED

DIRECTOR

31/05/2011

-

-

 

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 (%)

 

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

 

To date, there have been 4 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

3

High (>$250,000)

0

0

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

District Court

 

Case No.

:

5034

 

Date of Filing

:

26/11/2002

 

Amount

:

210,325.75

 

Cause

:

NEGLIGENCE-OTHERS(NOT INJURIES/DEATH)

 

Case Status

:

PENDING

 

Plaintiff

:

THE MANAGEMENT CORPORATION STRATA TITLE PLAN NO 12

 

2)

Court

:

Magistrate Court

 

Case No.

:

25369

 

Date of Filing

:

02/09/2002

 

Amount

:

0.00

 

Cause

:

NEGLIGENCE-MOTOR ACCIDENTS(NOT INJURIES/DEATH)

 

Case Status

:

PENDING

 

Plaintiff

:

COMFORT TRANSPORTATION PTE LTD

 

3)

Court

:

District Court

 

Case No.

:

2058

 

Date of Filing

:

07/07/2011

 

Amount

:

90,000.00

 

Cause

:

Tort - Negligence (Industrial Accidents With Injury)

 

Case Status

:

PENDING

 

Plaintiff

:

KASILINGAM RAMAN

 

4)

Court

:

District Court

 

Case No.

:

858

 

Date of Filing

:

04/02/1993

 

Amount

:

0.00

 

Cause

:

NEGLIGENCE-MOTOR ACCIDENTS(NOT INJURIES/DEATH)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

APPAN KRISHNA AMMAL

 

COMPLIANCE

 

Date of Last AGM

:

14/07/2011

Date of Last AR

:

12/08/2011

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

123,729,098

10.32

112,154,696

120,485,031

99,824,153

102,974,558

Profit/(Loss) Before Tax

2,848,185

NA

(4,125,304)

2,080,460

3,488,918

3,091,664

Profit After Tax attributable to Shareholders

2,734,859

NA

(4,688,959)

1,392,966

2,497,317

2,310,948

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

109,085,919

86.50

58,491,123

68,015,304

62,606,984

58,908,596

Current Assets

94,323,364

105.22

45,961,089

54,033,886

48,204,462

46,992,668

Non Current Assets

14,762,555

17.82

12,530,034

13,981,418

14,402,522

11,915,928

 

 

 

 

 

 

 

Total Liabilities

67,284,225

111.76

31,774,288

36,172,010

31,719,156

30,080,585

Current Liabilities

58,545,651

159.88

22,527,813

26,265,654

22,722,137

21,579,299

Non Current Liabilities

8,738,574

-5.49

9,246,475

9,906,356

8,997,019

8,501,286

 

 

 

 

 

 

 

Shareholders' Funds

41,801,694

56.46

26,716,835

31,843,294

30,887,828

28,828,011

Share Capital

14,100,000

705.71

1,750,000

1,750,000

1,750,000

1,750,000

Total Reserves

27,701,694

10.95

24,966,835

30,093,294

29,137,828

27,078,011

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

MAR 2011

MAR 2010

MAR 2009

MAR 2008

MAR 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

10.32

-6.91

20.70

-3.06

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

2.21

-4.18

1.16

2.50

2.24

Return on Equity (%)

6.54

-17.55

4.37

8.09

8.02

Return on Assets (%)

2.51

-8.02

2.05

3.99

3.92

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

1.61

1.19

1.14

1.03

1.04

Current Debt/Equity (Times)

1.40

0.84

0.82

0.74

0.75

Long Term Debt To Equity (Times)

0.21

0.35

0.31

0.29

0.29

Total Asset To Total Equity (Times)

2.61

2.19

2.14

2.03

2.04

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.13

1.92

1.77

1.59

1.75

Fixed Assets Turnover (Times)

8.38

8.95

8.62

6.93

8.64

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.61

2.04

2.06

2.12

2.18

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

The company's CAGR is 4.7% (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 company yielded a rate of net profit on sales of 2.21 per cent in FY11. The company is now able to book in SGD - SIN 0.02 of profit for every SGD - SIN of sales.

 

 

Liquidity

Current ratio stood at 1.61 times in FY11 (FY10: 2.04 times). This means that the company has SGD - SIN 1.61 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.

 

FINANCIAL COMMENTARY

 

Leverage

Total debt-to-equity ratio notched 1.61 times in FY11, compared with 1.19 times in FY10. This means that the company requires additional external financing of SGD - SIN 1.61 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 6.54 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 2.51 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 1.13 times in FY11 (FY10: 1.92 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.51.65

UK Pound

1

Rs.79.09

Euro

1

Rs.65.32

 

 

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.