MIRA INFORM REPORT

Report Date :

20.11.2014

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, 528736
Country :	Singapore
Financials (as on) :	31.03.2014
Date of Incorporation :	13.03.1973
Com. Reg. No.:	197300451-R
Legal Form :	Private Limited
Line of Business :	Trading of Electronic and Electrical Products.
No. of Employees :	65 [2014]

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 :	Slow but 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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 FINANCIALSERVICES sector. The economy contracted 0.6% in 2009 as a result of the global Financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. 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

EXECUTIVE SUMMARY

REGISTRATION NO.	:	197300451-R
COMPANY NAME	:	HITACHI HIGH- TECHNOLOGIES (SINGAPORE) PTE. LTD.
FORMER NAME	:	NISSEI SANGYO (SINGAPORE) PTE. LTD. (01/04/2002)
INCORPORATION DATE	:	13/03/1973
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	7, TAMPINES GRANDE, 05- 01, HITACHI SQUARE, 528736, SINGAPORE.
BUSINESS ADDRESS	:	7, TAMPINES GRANDE, 05-01 HITACHI SQUARE, 528736, SINGAPORE.
TEL.NO.	:	65-67332754/65977117
FAX.NO.	:	N/A
CONTACT PERSON	:	CHONG KIM CHEONG ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF ELECTRONIC AND ELECTRICAL PRODUCTS
ISSUED AND PAID UP CAPITAL	:	3,800,000.00 ORDINARY SHARE, OF A VALUE OF SGD 3,800,000.00
SALES	:	USD 127,665,327 [2014]
NET WORTH	:	USD 36,315,163 [2014]
STAFF STRENGTH	:	65 [2014]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	SATISFACTORY
PAYMENT	:	SLOW BUT CORRECT
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	SATISFACTORY
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) trading of electronic and electrical products.

The immediate holding company of the Subject is HITACHI HIGH-TECHNOLOGIES CORPORATION, a company incorporated in JAPAN.

Share Capital History

Date	Issue & Paid Up Capital
13/11/2014	SGD 3,800,000.00
27/12/2013	SGD 3,800,000.00

The major shareholder(s) of the Subject are shown as follows :

Name	Address	IC/PP/Loc No	Shareholding	(%)
HITACHI HIGH-TECHNOLOGIES CORPORATION	24-14, NISHI-SHIMBASHI, 1-CHOME, MINATO-KU, TOKYO, 105-8717, JAPAN.	S73UF0159	3,800,000.00	100.00
			---------------	------
			3,800,000.00	100.00
			============	=====

+ Also Director

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	(%)	As At
	THAILAND	HITACHI HIGH TECHNOLOGIES COMPANY LIMITED	100.00	31/03/2014
	INDIA	HITACHI HIGH-TECHNOLOGIES INDIA PRIVATE LIMITED	99.90	31/03/2014
	INDONESIA	PT HITACHI HIGH TECHNOLOGIES INDONESIA	99.80	31/03/2014
455096K	MALAYSIA	HITACHI HIGH-TECHNOLOGIES IPC (MALAYSIA) SDN. BHD.	80.00	31/03/2014

DIRECTORS

DIRECTOR 1

Name Of Subject	:	KUNIHIKO UKENA
Address	:	62, HAVELOCK ROAD, 06-22, RIVER PLACE, 169659, SINGAPORE.
IC / PP No	:	G5415793U
Nationality	:	JAPANESE
Date of Appointment	:	01/04/2009

DIRECTOR 2

Name Of Subject	:	CHONG KIM CHEONG
Address	:	124, JURONG EAST STREET 13, 16-13, IVORY HEIGHTS, 600124, SINGAPORE.
IC / PP No	:	S0106059G
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/04/2011

DIRECTOR 3

Name Of Subject	:	YOSHINORI KAIWA
Address	:	38, DAKOTA CRESCENT, 08-11, DAKOTA RESIDENCES, 399938, SINGAPORE.
IC / PP No	:	G5113584P
Nationality	:	JAPANESE
Date of Appointment	:	01/05/2012

DIRECTOR 4

Name Of Subject	:	JUNICHI HASHIMOTO
Address	:	PLAZA TOWER KACHIDOKI, ROOM 3111, 1-13-6 KACHIDOKI, CHUO-KU, TOKYO, JAPAN.
IC / PP No	:	TK6543274
Nationality	:	JAPANESE
Date of Appointment	:	01/04/2013

MANAGEMENT

1)	Name of Subject	:	CHONG KIM CHEONG
	Position	:	DIRECTOR

AUDITOR

Auditor	:	ERNST & YOUNG LLP
Auditor' Address	:	1, RAFFLES QUAY, 18- 01, 048583, SINGAPORE

COMPANY SECRETARIES

1)	Company Secretary	:	DAPHNE ANG YEE KOON
	IC / PP No	:	S7526599I
	Address	:	345, KANG CHING ROAD, 10-105, 610345, SINGAPORE.

2)	Company Secretary	:	PEK LAY PHENG
	IC / PP No	:	S7704449C
	Address	:	318D, ANCHORVALE LINK, 06-229, 544318, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation.

LITIGATION CHECK AGAINST SUBJECT

* A check has been conducted in our databank againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	YES
Overseas	:	YES
Import Countries	:	JAPAN

The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that:

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[		]	Good 31-60 Days	[	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	X	]	Poor >120 Days	[	]

CLIENTELE
Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA
Credit Term	:	N/A
Payment Mode	:	N/A

OPERATIONS

Goods Traded

:

ELECTRONIC DEVICE SYSTEMS, LIFE SCIENCE, INFORMATION SYSTEMS & ELECTRONIC COMPONENTS AND ADVANCED INDUSTRIAL PRODUCTS

Total Number of Employees:
YEAR	2014	2013
GROUP	N/A	N/A
COMPANY	65	80

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of electronic and electrical products.

The Subject's after sales services for Surface Mount Systems (SMT), Hard Disk Manufacturing Systems and Semiconductor Manufacturing products include:

* Recommendations for maintenance and repairs
* Operational and maintenance training
* Spare parts
* Service contracts
* Maintenance and overhaul services as well as operational support services
* Relocation services including logistics and assembly
* Shut-down support services
* Overhaul
* Upgrading

The Subject has a dedicated team of professionally-trained engineers to provide with custom-made care services in every phase of its customers' needs.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-67332754/65977117
Match	:	N/A
Address Provided by Client	:	T.TAMPINES GRANDE, 05-01, HITACHI SQUARE, SINGAPORE 528736
Current Address	:	7, TAMPINES GRANDE, 05-01 HITACHI SQUARE, 528736, SINGAPORE.
Match	:	YES

Other Investigations

We contacted one of the staff from the Subject and she provided some information on the Subject.

The Subject refused to disclose it's bankers and fax number.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Decreased	[	2011 - 2014	]
Profit/(Loss) Before Tax	:	Decreased	[	2011 - 2014	]
Return on Shareholder Funds	:	Unfavourable	[	(1.72%)	]
Return on Net Assets	:	Unfavourable	[	(2.11%)	]
The continuous fall in turnover could be due to the lower demand for the Subject's products / services.The Subject incurred losses during the year due to the inefficient control of its operating costs. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	48 Days	]
Debtor Ratio	:	Acceptable	[	60 Days	]
Creditors Ratio	:	Unfavourable	[	67 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's management was quite efficient in handling its debtors. The Subject's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. The unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.
Liquidity
Liquid Ratio	:	Favourable	[	1.20 Times	]
Current Ratio	:	Unfavourable	[	1.57 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
The Subject's losses could be attributed to the lower turnover which in turn could be the result of unfavourable market conditions. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.
Overall financial condition of the Subject : LIMITED

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2009	2010	2011	2012	2013
Population (Million)	4.98	5.08	5.18	5.31	5.40
Gross Domestic Products ( % )	(0.8)	14.5	4.9	1.3	3.7
Consumer Price Index	0.6	2.8	5.2	4.6	2.4
Total Imports (Million)	356,299.3	423,221.8	459,655.1	474,554.0	466,762.0
Total Exports (Million)	391,118.1	478,840.7	514,741.2	510,329.0	513,391.0
Unemployment Rate (%)	3.2	2.2	2.1	2.0	1.9
Tourist Arrival (Million)	9.68	11.64	13.17	14.49	15.46
Hotel Occupancy Rate (%)	75.8	85.6	86.5	86.4	86.3
Cellular Phone Subscriber (Million)	1.37	1.43	1.50	1.52	1.97
Registration of New Companies (No.)	26,414	29,798	32,317	31,892	37,288
Registration of New Companies (%)	4.3	12.8	8.5	(1.3)	9.8
Liquidation of Companies (No.)	22,393	15,126	19,005	17,218	17,369
Liquidation of Companies (%)	113.4	(32.5)	25.6	9.4	(5.3)
Registration of New Businesses (No.)	26,876	23,978	23,494	24,788	22,893
Registration of New Businesses (%)	8.15	(10.78)	2.02	5.51	1.70
Liquidation of Businesses (No.)	23,552	24,211	23,005	22,489	22,598
Liquidation of Businesses (%)	11.4	2.8	(5)	(2.2)	0.5
Bankruptcy Orders (No.)	2,058	1,537	1,527	1,748	1,992
Bankruptcy Orders (%)	(11.5)	(25.3)	(0.7)	14.5	14.0
Bankruptcy Discharges (No.)	3,056	2,252	1,391	1,881	2,584
Bankruptcy Discharges (%)	103.7	(26.3)	(38.2)	35.2	37.4
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	3.25	(0.48)	4.25	3.64	-
Fish Supply & Wholesale	(1.93)	(10.5)	12.10	(0.5)	-
Manufacturing *	71.5	92.8	100.0	100.3	102.0
Food, Beverages & Tobacco	90.4	96.4	100.0	103.5	103.5
Textiles	145.9	122.1	100.0	104.0	87.1
Wearing Apparel	211.0	123.3	100.0	92.1	77.8
Leather Products & Footwear	79.5	81.8	100.0	98.6	109.8
Wood & Wood Products	101.4	104.0	100.0	95.5	107.4
Paper & Paper Products	95.4	106.1	100.0	97.4	103.2
Printing & Media	100.9	103.5	100.0	93.0	86.1
Crude Oil Refineries	96.4	95.6	100.0	99.4	93.5
Chemical & Chemical Products	80.3	97.6	100.0	100.5	104.1
Pharmaceutical Products	49.1	75.3	100.0	109.7	107.2
Rubber & Plastic Products	101.2	112.3	100.0	96.5	92.9
Non-metallic Mineral	91.9	92.5	100.0	98.2	97.6
Basic Metals	92.6	102.2	100.0	90.6	76.5
Fabricated Metal Products	90.8	103.6	100.0	104.3	105.1
Machinery & Equipment	57.3	78.5	100.0	112.9	114.5
Electrical Machinery	86.8	124.1	100.0	99.3	108.5
Electronic Components	85.2	113.6	100.0	90.6	94.3
Transport Equipment	96.0	94.0	100.0	106.3	107.5
Construction	(36.9)	14.20	20.50	28.70	-
Real Estate	1.4	21.3	25.4	31.9	-
Services
Electricity, Gas & Water	1.70	4.00	7.00	6.30	-
Transport, Storage & Communication	3.90	12.80	7.40	5.30	-
Finance & Insurance	(16.4)	(0.4)	8.90	0.50	-
Government Services	4.50	9.70	6.90	6.00	-
Education Services	0.10	(0.9)	(1.4)	0.30	-
* Based on Index of Industrial Production (2011 = 100)

INDUSTRY ANALYSIS
INDUSTRY :	TRADING
The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.
The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.
In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1973, the Subject is a Private Limited company, focusing on trading of electronic and electrical products. The Subject has been in business for over two decades. It has built up a strong clientele base and satisfactory reputation will enable the Subject to further enhance its business in the near term.  The Subject is expected to enjoy a stable market shares. With an issued and paid up capital of SGD 3,800,000 and strong backing from its holding company, the Subject has the ability to further expand its business in the future compared to other corporation.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a moderate size company, the Subject has a total workforce of 65 employees in its business operations. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

Due to the challenging market conditions, the Subject's business performance seems to be deteriorating and losses incurred. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject is in average liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 36,315,163, the Subject should be able to maintain its business in the near terms.

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

The Subject's overall payment habit is fair and this clearly implied a weak credit control of the Subject.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry.

Based on the above condition, we recommend credit be granted to the Subject promptly.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

HITACHI HIGH- TECHNOLOGIES (SINGAPORE) PTE. LTD.

Financial Year End	2014-03-31	2013-03-31	2012-03-31	2011-03-31
Months	12	12	12	12
Consolidated Account	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD
TURNOVER	127,665,327	155,752,743	187,209,403	225,512,701
	----------------	----------------	----------------	----------------
Total Turnover	127,665,327	155,752,743	187,209,403	225,512,701
Costs of Goods Sold	(122,339,192)	(147,688,216)	(178,464,256)	(216,112,986)
	----------------	----------------	----------------	----------------
Gross Profit	5,326,135	8,064,527	8,745,147	9,399,715
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	(764,785)	4,814,525	1,280,743	5,259,507
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	(764,785)	4,814,525	1,280,743	5,259,507
Taxation	140,881	(413,280)	166,284	(1,000,061)
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	(623,904)	4,401,245	1,447,027	4,259,446
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	36,954,001	37,355,819	36,181,608	32,028,530
	----------------	----------------	----------------	----------------
As restated	36,954,001	37,355,819	36,181,608	32,028,530
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	36,330,097	41,757,064	37,628,635	36,287,976
DIVIDENDS - Ordinary (paid & proposed)	(210,592)	(4,803,063)	(272,816)	(106,368)
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	36,119,505	36,954,001	37,355,819	36,181,608
	=============	=============	=============	=============

BALANCE SHEET

HITACHI HIGH- TECHNOLOGIES (SINGAPORE) PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	11,006	29,047	92,581	267,697
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	9,521,715	8,599,627	2,253,627	1,754,357
Investments	265,716	77,931	77,931	59,240
Deferred assets	344,914	76,163	218,013	202,505
	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	10,132,345	8,753,721	2,549,571	2,016,102
INTANGIBLE ASSETS
Deferred/Expenditure carried forward	-	-	-	214,118
Others	155,651	177,890	195,243	-
	----------------	----------------	----------------	----------------
TOTAL INTANGIBLE ASSETS	155,651	177,890	195,243	214,118
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	10,299,002	8,960,658	2,837,395	2,497,917
Stocks	16,650,307	6,666,335	11,546,074	7,749,061
Trade debtors	20,936,461	22,573,680	52,037,420	37,424,844
Other debtors, deposits & prepayments	395,701	503,986	547,644	380,424
Short term deposits	9,532,903	5,833,132	7,710,039	-
Amount due from holding company	1,123,402	3,317,282	9,869	734,566
Amount due from subsidiary companies	769,281	1,069,788	105,296	51,230
Amount due from related companies	21,178,345	13,337,477	9,539,139	13,601,497
Cash & bank balances	1,242,965	4,259,262	1,774,412	7,677,848
Others	-	-	78,772	8,404,322
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	71,829,365	57,560,942	83,348,665	76,023,792
	----------------	----------------	----------------	----------------
TOTAL ASSET	82,128,367	66,521,600	86,186,060	78,521,709
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	22,463,153	8,612,853	43,226,868	13,341,644
Other creditors & accruals	124,436	190,104	2,244,983	-
Deposits from customers	554,599	3,138,778	-	533,207
Other liabilities & accruals	-	-	-	2,387,056
Amounts owing to holding company	16,402,337	12,600,322	130,657	16,989,016
Amounts owing to subsidiary companies	3,379,314	1,488,551	154,573	241,799
Amounts owing to related companies	129,291	224,522	8,261	6,088,730
Provision for taxation	877,707	857,211	889,324	1,290,913
Other liabilities	1,882,367	2,236,242	1,876,867	1,225,192
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	45,813,204	29,348,583	48,531,533	42,097,557
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	26,016,161	28,212,359	34,817,132	33,926,235
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	36,315,163	37,173,017	37,654,527	36,424,152
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	2,265,006	2,265,006	2,265,006	2,265,006
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	2,265,006	2,265,006	2,265,006	2,265,006
General reserve	(15,357)	8,001	87,693	31,529
Retained profit/(loss) carried forward	36,119,505	36,954,001	37,355,819	36,181,608
Others	(2,053,991)	(2,053,991)	(2,053,991)	(2,053,991)
	----------------	----------------	----------------	----------------
TOTAL RESERVES	34,050,157	34,908,011	35,389,521	34,159,146
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	36,315,163	37,173,017	37,654,527	36,424,152
	----------------	----------------	----------------	----------------
	36,315,163	37,173,017	37,654,527	36,424,152
	=============	=============	=============	=============

FINANCIAL RATIO

HITACHI HIGH- TECHNOLOGIES (SINGAPORE) PTE. LTD.

TYPES OF FUNDS
Cash	10,775,868	10,092,394	9,484,451	7,677,848
Net Liquid Funds	10,775,868	10,092,394	9,484,451	7,677,848
Net Liquid Assets	9,365,854	21,546,024	23,271,058	26,177,174
Net Current Assets/(Liabilities)	26,016,161	28,212,359	34,817,132	33,926,235
Net Tangible Assets	36,159,512	36,995,127	37,459,284	36,210,034
Net Monetary Assets	9,365,854	21,546,024	23,271,058	26,177,174
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	0
Total Liabilities	45,813,204	29,348,583	48,531,533	42,097,557
Total Assets	82,128,367	66,521,600	86,186,060	78,521,709
Net Assets	36,315,163	37,173,017	37,654,527	36,424,152
Net Assets Backing	36,315,163	37,173,017	37,654,527	36,424,152
Shareholders' Funds	36,315,163	37,173,017	37,654,527	36,424,152
Total Share Capital	2,265,006	2,265,006	2,265,006	2,265,006
Total Reserves	34,050,157	34,908,011	35,389,521	34,159,146
LIQUIDITY (Times)
Cash Ratio	0.24	0.34	0.20	0.18
Liquid Ratio	1.20	1.73	1.48	1.62
Current Ratio	1.57	1.96	1.72	1.81
WORKING CAPITAL CONTROL (Days)
Stock Ratio	48	16	23	13
Debtors Ratio	60	53	101	61
Creditors Ratio	67	21	88	23
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.00	0.00
Liabilities Ratio	1.26	0.79	1.29	1.16
Times Interest Earned Ratio	0.00	0.00	0.00	0.00
Assets Backing Ratio	15.96	16.33	16.54	15.99
PERFORMANCE RATIO (%)
Operating Profit Margin	(0.60)	3.09	0.68	2.33
Net Profit Margin	(0.49)	2.83	0.77	1.89
Return On Net Assets	(2.11)	12.95	3.40	14.44
Return On Capital Employed	(2.10)	12.89	3.38	14.36
Return On Shareholders' Funds/Equity	(1.72)	11.84	3.84	11.69
Dividend Pay Out Ratio (Times)	0.34	1.09	0.19	0.02
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.83
UK Pound	1	Rs.96.56
Euro	1	Rs.77.42

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NIT

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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