|
Report No. : |
348194 |
|
Report Date : |
09.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
HITACHI METALS SINGAPORE PTE. LTD. |
|
|
|
|
Formerly Known As : |
HITACHI METALS SINGAPORE PTE L TD |
|
|
|
|
Registered Office : |
12, Gul Avenue, 629656 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
17.01.1979 |
|
|
|
|
Com. Reg. No.: |
197900145-E |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Wholesale of general hardware, metal (Eg Locks, Hinges) |
|
|
|
|
No. of Employee : |
100 [2015] |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.
|
Source
: CIA |
|
REGISTRATION
NO. |
: |
197900145-E |
|
COMPANY
NAME |
: |
HITACHI
METALS SINGAPORE PTE. LTD. |
|
FORMER
NAME |
: |
HITACHI
METALS SINGAPORE PTE L TD (18/01/1979) |
|
INCORPORATION
DATE |
: |
17/01/1979 |
|
COMPANY
STATUS |
: |
EXIST |
|
LEGAL
FORM |
: |
PRIVATE
LIMITED |
|
LISTED
STATUS |
: |
NO |
|
REGISTERED
ADDRESS |
: |
12,
GUL AVENUE, 629656, SINGAPORE. |
|
BUSINESS
ADDRESS |
: |
12
GUL AVENUE,, 629656, SINGAPORE. |
|
TEL.NO. |
: |
65-68617711 |
|
FAX.NO. |
: |
65-68611519 |
|
CONTACT
PERSON |
: |
HIROO
KAWABATA ( MANAGING DIRECTOR ) |
|
PRINCIPAL
ACTIVITY |
: |
WHOLESALE
OF GENERAL HARDWARE, METAL (EG LOCKS, HINGES) |
|
ISSUED
AND PAID UP CAPITAL |
: |
8,300,001.00
ORDINARY SHARE, OF A VALUE OF SGD 25,500,000.00 |
|
SALES |
: |
USD
286,031,476 [2015] |
|
NET
WORTH |
: |
USD
52,709,007 [2015] |
|
STAFF
STRENGTH |
: |
100
[2015] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL
CONDITION |
: |
STRONG |
|
PAYMENT |
: |
NO
COMPLAINTS |
|
MANAGEMENT
CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL
RISK |
: |
LOW |
|
CURRENCY
EXPOSURE |
: |
MODERATE |
|
GENERAL
REPUTATION |
: |
GOOD |
|
INDUSTRY
OUTLOOK |
: |
AVERAGE
GROWTH |
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) wholesale of general hardware, metal (eg locks, hinges).
The immediate holding company of the Subject
is HITACHI METALS LTD, a company incorporated in JAPAN.
The ultimate holding company of the Subject
is HITACHI METALS GROUP, a company incorporated in JAPAN.
Share
Capital History
|
Date |
Issue
& Paid Up Capital |
|
05/11/2015 |
SGD
25,500,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current
Shareholder(s) :
|
Name |
Address |
IC/PP/Loc
No |
Shareholding |
(%) |
|
HITACHI
METALS LTD |
SEAVANS
NORTH BUILDING, 4F 2-1, SHIBAURA 1-CHROME, MINATO-KU, TOKYO, 105-8614, JAPAN. |
T07UF0019 |
8,300,001.00 |
100.00 |
|
--------------- |
------ |
|||
|
8,300,001.00 |
100.00 |
|||
|
============ |
===== |
+
Also Director
DIRECTOR
1
|
Name
Of Subject |
: |
HIDEKI
MORI |
|
Address |
: |
7-12-21,
SHINKAI YONAGO, TOTTORI, JIP CODE 683-0801, JAPAN. |
|
IC
/ PP No |
: |
TG7733635 |
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
12/06/2013 |
DIRECTOR
2
|
Name
Of Subject |
: |
MASASHI
AISA |
|
Address |
: |
5-15,
TORO 1-CHOME, KITA-KU, SAITAMA CITY, SAITAMA PREFECTURE, 331-0804, JAPAN. |
|
IC
/ PP No |
: |
TG8542756 |
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
01/04/2014 |
DIRECTOR
3
|
Name
Of Subject |
: |
HIROO
KAWABATA |
|
Address |
: |
23,
NEWTON ROAD, 07-05, L'VIV, 307955, SINGAPORE. |
|
IC
/ PP No |
: |
G3034777W |
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
01/06/2014 |
DIRECTOR
4
|
Name
Of Subject |
: |
YASUHIRO
KUMATANI |
|
Address |
: |
6,
KENG CHIN ROAD, 05-06, CYAN, 258709, SINGAPORE. |
|
IC
/ PP No |
: |
G5514130X |
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
01/04/2015 |
DIRECTOR
5
|
Name
Of Subject |
: |
NORIO
KUWAMURA |
|
Address |
: |
304,
ROOM 0712, SOI SUKHUMVIT 55, (THONG LO 8-10), NORTH KLONGTON WATTANA, 10110,
BANGKOK, THAILAND. |
|
IC
/ PP No |
: |
TA0617411 |
|
Nationality |
: |
JAPANESE |
|
Date
of Appointment |
: |
01/01/2015 |
|
1) |
Name
of Subject |
: |
HIROO
KAWABATA |
|
Position |
: |
MANAGING
DIRECTOR |
|
Auditor |
: |
ERNST
& YOUNG LLP |
|
Auditor'
Address |
: |
N/A |
|
1) |
Company
Secretary |
: |
DOROTHY
HO LAI YONG |
|
IC
/ PP No |
: |
S1105012C |
|
|
Address |
: |
60,
LAKESIDE DRIVE, 08-41, CASPIAN, 648320, SINGAPORE. |
|
BANKING
No Banker found in our databank.
ENCUMBRANCE
(S)
No encumbrance was found in our databank at the time of investigation.
* 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.
|
SOURCES
OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
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 |
[ |
X |
] |
Average
61-90 Days |
[ |
] |
|||||
|
Fair
91-120 Days |
[ |
] |
Poor
>120 Days |
[ |
] |
|||||||||
|
Local |
: |
YES |
|||
|
Domestic
Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export
Market |
: |
ASIA |
|||
|
Credit
Term |
: |
N/A |
|||
|
Payment
Mode |
: |
CHEQUES |
|||
|
Goods
Traded |
: |
GENERAL
HARDWARE, METAL (EG LOCKS, HINGES) |
|
|
Total
Number of Employees: |
||
|
YEAR |
2015 |
2014 |
|
GROUP |
N/A |
N/A |
|
COMPANY |
100 |
100 |
|
Branch |
: |
NO |
Other
Information:
The Subject is principally engaged in the (as a / as an) wholesale of general
hardware, metal (eg locks, hinges).
The Subject is engaged in the trading of metal, hardwares construction
materials and others.
Latest
fresh investigations carried out on the Subject indicated that :
|
Telephone
Number Provided By Client |
: |
6568617711 |
|
Current
Telephone Number |
: |
65-68617711 |
|
Match |
: |
YES |
|
Address
Provided by Client |
: |
12
GUL AVENUE,,629656,SINGAPORE |
|
Current
Address |
: |
12
GUL AVENUE,, 629656, SINGAPORE. |
|
Match |
: |
YES |
Other
Investigations
We contacted one of the staff from the Subject and she provided some
information.
|
Profitability |
||||||
|
Turnover |
: |
Increased |
[ |
2011
- 2015 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2011
- 2015 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
10.03% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
10.56% |
] |
|
|
The Subject's turnover increased steadily
as the demand for its products / services increased due to the goodwill built
up over the years.The higher profit could be attributed to the increase in turnover.
The Subject's management had generated acceptable return for its shareholders
using its assets. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Favourable |
[ |
11
Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
53
Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
2
Days |
] |
|
|
The Subject's stocks were moving fast thus
reducing its holding cost. This had reduced funds being tied up in stocks. The
favourable debtors' days could be due to the good credit control measures
implemented by the Subject. The Subject had a favourable creditors' ratio
where the Subject could be taking advantage of the cash discounts and also
wanting to maintain goodwill with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Favourable |
[ |
1.89
Times |
] |
|
|
Current Ratio |
: |
Favourable |
[ |
2.09
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 |
: |
Favourable |
[ |
5,626.63
Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00
Times |
] |
|
|
The interest cover showed that the Subject was
able to service the interest. The favourable interest cover could indicate
that the Subject was making enough profit to pay for the interest accrued.
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 : |
||||||
|
Generally, the Subject's performance has
improved with higher turnover and profit. 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. With the favourable interest cover, the Subject could
be able to service all the accrued interest without facing any difficulties.
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 : STRONG |
||||||
|
Major
Economic Indicators : |
2010 |
2011 |
2012 |
2013 |
2014 |
|
|
|||||
|
Population
(Million) |
5.08 |
5.18 |
5.31 |
5.40 |
5.47 |
|
Gross
Domestic Products ( % ) |
14.5 |
4.9 |
1.3 |
3.7 |
(3.5) |
|
Consumer
Price Index |
2.8 |
5.2 |
4.6 |
2.4 |
2.4 |
|
Total
Imports (Million) |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
463,779.1 |
|
Total
Exports (Million) |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
518,922.7 |
|
|
|||||
|
Unemployment
Rate (%) |
2.2 |
2.1 |
2.0 |
1.9 |
1.9 |
|
Tourist
Arrival (Million) |
11.64 |
13.17 |
14.49 |
15.46 |
15.01 |
|
Hotel
Occupancy Rate (%) |
85.6 |
86.5 |
86.4 |
86.3 |
85.5 |
|
Cellular
Phone Subscriber (Million) |
1.43 |
1.50 |
1.52 |
1.97 |
1.98 |
|
|
|||||
|
Registration
of New Companies (No.) |
29,798 |
32,317 |
31,892 |
37,288 |
41,589 |
|
Registration
of New Companies (%) |
12.8 |
8.5 |
(1.3) |
9.8 |
11.5 |
|
Liquidation
of Companies (No.) |
15,126 |
19,005 |
17,218 |
17,369 |
18,767 |
|
Liquidation
of Companies (%) |
(32.5) |
25.6 |
9.4 |
(5.3) |
8.0 |
|
|
|||||
|
Registration
of New Businesses (No.) |
23,978 |
23,494 |
24,788 |
22,893 |
35,773 |
|
Registration
of New Businesses (%) |
(10.78) |
2.02 |
5.51 |
1.70 |
56.30 |
|
Liquidation
of Businesses (No.) |
24,211 |
23,005 |
22,489 |
22,598 |
22,098 |
|
Liquidation
of Businesses (%) |
2.8 |
(5) |
(2.2) |
0.5 |
(2.2) |
|
|
|||||
|
Bankruptcy
Orders (No.) |
1,537 |
1,527 |
1,748 |
1,992 |
1,757 |
|
Bankruptcy
Orders (%) |
(25.3) |
(0.7) |
14.5 |
14.0 |
(11.8) |
|
Bankruptcy
Discharges (No.) |
2,252 |
1,391 |
1,881 |
2,584 |
3,546 |
|
Bankruptcy
Discharges (%) |
(26.3) |
(38.2) |
35.2 |
37.4 |
37.2 |
|
|
|||||
|
INDUSTRIES
( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production
of Principal Crops |
(0.48) |
4.25 |
3.64 |
- |
|
|
Fish
Supply & Wholesale |
(10.5) |
12.10 |
(0.5) |
- |
2.80 |
|
|
|||||
|
Manufacturing
* |
92.8 |
100.0 |
100.3 |
102.0 |
|
|
Food,
Beverages & Tobacco |
96.4 |
100.0 |
103.5 |
103.5 |
105.0 |
|
Textiles |
122.1 |
100.0 |
104.0 |
87.1 |
74.9 |
|
Wearing
Apparel |
123.3 |
100.0 |
92.1 |
77.8 |
49.5 |
|
Leather
Products & Footwear |
81.8 |
100.0 |
98.6 |
109.8 |
95.9 |
|
Wood
& Wood Products |
104.0 |
100.0 |
95.5 |
107.4 |
112.0 |
|
Paper
& Paper Products |
106.1 |
100.0 |
97.4 |
103.2 |
103.4 |
|
Printing
& Media |
103.5 |
100.0 |
93.0 |
86.1 |
80.3 |
|
Crude
Oil Refineries |
95.6 |
100.0 |
99.4 |
93.5 |
85.6 |
|
Chemical
& Chemical Products |
97.6 |
100.0 |
100.5 |
104.1 |
114.0 |
|
Pharmaceutical
Products |
75.3 |
100.0 |
109.7 |
107.2 |
115.7 |
|
Rubber
& Plastic Products |
112.3 |
100.0 |
96.5 |
92.9 |
92.8 |
|
Non-metallic
Mineral |
92.5 |
100.0 |
98.2 |
97.6 |
82.2 |
|
Basic
Metals |
102.2 |
100.0 |
90.6 |
76.5 |
98.3 |
|
Fabricated
Metal Products |
103.6 |
100.0 |
104.3 |
105.1 |
105.1 |
|
Machinery
& Equipment |
78.5 |
100.0 |
112.9 |
114.5 |
124.0 |
|
Electrical
Machinery |
124.1 |
100.0 |
99.3 |
108.5 |
121.3 |
|
Electronic
Components |
113.6 |
100.0 |
90.6 |
94.3 |
95.0 |
|
Transport
Equipment |
94.0 |
100.0 |
106.3 |
107.5 |
103.2 |
|
|
|||||
|
Construction |
14.20 |
20.50 |
28.70 |
- |
22.00 |
|
Real
Estate |
21.3 |
25.4 |
31.9 |
- |
145.1 |
|
|
|||||
|
Services |
|||||
|
Electricity,
Gas & Water |
4.00 |
7.00 |
6.30 |
- |
|
|
Transport,
Storage & Communication |
12.80 |
7.40 |
5.30 |
- |
14.20 |
|
Finance
& Insurance |
(0.4) |
8.90 |
0.50 |
- |
6.00 |
|
Government
Services |
9.70 |
6.90 |
6.00 |
- |
|
|
Education
Services |
(0.9) |
(1.4) |
0.30 |
- |
5.98 |
|
|
|||||
|
*
Based on Index of Industrial Production (2011 = 100) |
|
INDUSTRY
: |
TRADING |
|
The wholesale and retail trade sectors have
expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent growth
in the previous quarter. In 2013, the wholesale and retail sector expanded by
5.0%, after declining by 1.4% the year before. Growth of the sector was
driven by the wholesale trade segment. |
|
|
The domestic wholesale trade index has
increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6%
growth in the previous quarter. The slower growth was due to a decline in the
sales of furniture and household equipment (-12%) and petroleum and petroleum
products (-0.6%). For the full year, the domestic wholesale trade index grew
by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign
wholesale trade index has increased by a slower pace of 5.6% in the fourth
quarter, compared to the 7.7% expansion in the preceding quarter. The
slowdown was due to a fall in the sales of telecommunication equipment and
computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full
year, the growth of the foreign wholesale trade index moderated slightly to
8.6% from 9.1% in the previous year. |
|
|
In the fourth quarter of 2013, retail sales
volume fell by 6.2%, extending the 5.6% decline in the previous quarter.
Excluding motor vehicles, retail sales volume increased by 0.4%, a slower
pace of expansion as compared to the 1.6% gain in the preceding quarter. The
sales volume of motor vehicles fell by 33% in the fourth quarter of 2013,
extending the 32% decline in the previous quarter. Meanwhile, the sales of
several discretionary items also fell in the fourth quarter of 2013. For instance,
the sales of telecommunications apparatus and computers fell by 12%, while
the sales of furniture and household equipment declined by 5.4%. |
|
|
For the full year, retail sales volume contracted
by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding motor vehicle
sales, the retail sales volume grew by 1.1% in 2013, slower than the 1.7%
increase in 2012. Watches and jewellery recorded the largest increase (11%)
in sales in 2013, followed by optical goods and book (3%) and medical goods
and toiletries (3%). By contrast, the sales of telecommunications apparatus
and computer (-7.3%), furniture and household equipment (-4.2%) and petrol
service stations (-1.4) declined in 2013. |
|
|
OVERALL INDUSTRY OUTLOOK : AVERAGE
GROWTH |
|
|
Incorporated in 1979, the Subject is a
Private Limited company, focusing on wholesale of general hardware, metal (eg
locks, hinges). The Subject has been in business for over two decades. It has
built up a strong clientele base and good reputation will enable the Subject
to further enhance its business in the near term. The Subject is expected to
enjoy a stable market shares. The Subject is a large entity with strong
capital position of SGD 25,500,000. We are confident with the Subject's
business and its future growth prospect. Having strong support from its
holding company has enabled the Subject to remain competitive despite the
challenging business environment.
|
|
|
|
THE
FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
HITACHI
METALS SINGAPORE PTE. LTD. |
|
Financial
Year End |
2015-03-31 |
2014-03-31 |
2013-03-31 |
2012-03-31 |
2011-03-31 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated
Account |
Company |
Company |
Company |
Company |
Company |
|
Audited
Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified
Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial
Type |
FULL |
FULL |
FULL |
FULL |
SUMMARY |
|
Currency |
USD |
USD |
USD |
USD |
SGD |
|
TURNOVER |
286,031,476 |
201,453,855 |
130,565,204 |
167,736,185 |
257,996,176 |
|
Other
Income |
- |
- |
244,139 |
271,892 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total
Turnover |
286,031,476 |
201,453,855 |
130,809,343 |
168,008,077 |
257,996,176 |
|
Costs
of Goods Sold |
(275,005,024) |
(191,760,955) |
(122,859,598) |
(158,227,547) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross
Profit |
11,026,452 |
9,692,900 |
7,949,745 |
9,780,530 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
FROM OPERATIONS |
5,563,752 |
1,625,476 |
1,694,047 |
5,238,291 |
11,120,653 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
BEFORE TAXATION |
5,563,752 |
1,625,476 |
1,694,047 |
5,238,291 |
11,120,653 |
|
Taxation |
(277,940) |
(261,253) |
(440,638) |
(593,362) |
(1,531,628) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS)
AFTER TAXATION |
5,285,812 |
1,364,223 |
1,253,409 |
4,644,929 |
9,589,025 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As
previously reported |
23,532,392 |
22,794,858 |
23,863,913 |
33,013,726 |
14,204,531 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As
restated |
23,532,392 |
22,794,858 |
23,863,913 |
33,013,726 |
14,204,531 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT
AVAILABLE FOR APPROPRIATIONS |
28,818,204 |
24,159,081 |
25,117,322 |
37,658,655 |
23,793,556 |
|
DIVIDENDS
- Ordinary (paid & proposed) |
(545,689) |
(626,689) |
(2,322,464) |
(13,794,742) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) CARRIED FORWARD |
28,272,515 |
23,532,392 |
22,794,858 |
23,863,913 |
23,793,556 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST
EXPENSE (as per notes to P&L) |
|||||
|
Loan
from holding company |
- |
255 |
1,483 |
2,891 |
- |
|
Others |
989 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
989 |
255 |
1,483 |
2,891 |
- |
|
|
============= |
============= |
============= |
============= |
- |
|
|
DEPRECIATION
(as per notes to P&L) |
189,439 |
210,849 |
199,735 |
200,413 |
- |
|
AMORTIZATION |
3,493 |
4,736 |
3,917 |
3,971 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
192,932 |
215,585 |
203,652 |
204,384 |
- |
|
|
============= |
============= |
============= |
============= |
|
HITACHI
METALS SINGAPORE PTE. LTD. |
|
ASSETS
EMPLOYED: |
|||||
|
FIXED
ASSETS |
341,217 |
381,973 |
359,387 |
423,730 |
909,838 |
|
LONG
TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary
companies |
- |
84,465 |
- |
- |
- |
|
Associated
companies |
4,148,909 |
- |
- |
- |
- |
|
Investments |
1,000,487 |
1,000,487 |
- |
- |
- |
|
Deferred
assets |
- |
- |
- |
38,347 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM INVESTMENTS/OTHER ASSETS |
5,149,396 |
1,084,952 |
- |
38,347 |
- |
|
Others |
55,680 |
59,173 |
64,945 |
69,806 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
INTANGIBLE ASSETS |
55,680 |
59,173 |
64,945 |
69,806 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM ASSETS |
5,546,293 |
1,526,098 |
424,332 |
531,883 |
909,838 |
|
Stocks |
8,538,888 |
10,357,600 |
7,229,098 |
6,988,231 |
- |
|
Trade
debtors |
41,887,184 |
42,549,375 |
24,280,029 |
16,151,441 |
- |
|
Other
debtors, deposits & prepayments |
256,890 |
253,283 |
121,074 |
31,710 |
- |
|
Short
term deposits |
16,819,647 |
24,303,390 |
8,607,140 |
45,093 |
- |
|
Short
term loans & advances |
7,496,000 |
- |
- |
82,727 |
- |
|
Amount
due from holding company |
1,017,130 |
630,463 |
268,602 |
338,922 |
- |
|
Amount
due from related companies |
11,857,451 |
11,613,176 |
7,877,047 |
7,295,127 |
- |
|
Cash
& bank balances |
2,674,969 |
3,980,413 |
3,935,487 |
17,710,784 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT ASSETS |
90,548,159 |
93,687,700 |
52,318,477 |
48,644,035 |
92,479,102 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
ASSET |
96,094,452 |
95,213,798 |
52,742,809 |
49,175,918 |
93,388,939 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade
creditors |
1,651,568 |
2,390,974 |
266,633 |
865,852 |
- |
|
Other
creditors & accruals |
2,769,709 |
2,842,960 |
2,009,301 |
848,186 |
- |
|
Short
term borrowings/Term loans |
- |
- |
27,560 |
- |
- |
|
Amounts
owing to holding company |
14,179,938 |
12,619,570 |
14,273,336 |
14,383,496 |
- |
|
Amounts
owing to related companies |
24,576,911 |
28,997,892 |
7,034,292 |
2,534,000 |
- |
|
Provision
for taxation |
207,319 |
387,754 |
356,348 |
710,713 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
CURRENT LIABILITIES |
43,385,445 |
47,239,150 |
23,967,470 |
19,342,247 |
43,975,014 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET
CURRENT ASSETS/(LIABILITIES) |
47,162,714 |
46,448,550 |
28,351,007 |
29,301,788 |
48,504,088 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
NET ASSETS |
52,709,007 |
47,974,648 |
28,775,339 |
29,833,671 |
49,413,925 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE
CAPITAL |
|||||
|
Ordinary
share capital |
16,008,765 |
16,008,765 |
5,938,116 |
5,938,116 |
25,500,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
SHARE CAPITAL |
16,008,765 |
16,008,765 |
5,938,116 |
5,938,116 |
25,500,000 |
|
General
reserve |
8,427,727 |
8,427,727 |
- |
- |
- |
|
Retained
profit/(loss) carried forward |
28,272,515 |
23,532,392 |
22,794,858 |
23,863,913 |
23,793,556 |
|
Others |
- |
- |
- |
- |
0 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
RESERVES |
36,700,242 |
31,960,119 |
22,794,858 |
23,863,913 |
23,793,556 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS'
FUNDS/EQUITY |
52,709,007 |
47,968,884 |
28,732,974 |
29,802,029 |
49,293,556 |
|
Deferred
taxation |
- |
5,764 |
42,365 |
- |
- |
|
Others |
- |
- |
- |
31,642 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL
LONG TERM LIABILITIES |
- |
5,764 |
42,365 |
31,642 |
120,369 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
52,709,007 |
47,974,648 |
28,775,339 |
29,833,671 |
49,413,925 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
HITACHI
METALS SINGAPORE PTE. LTD. |
|
TYPES
OF FUNDS |
|||||
|
Cash |
19,494,616 |
28,283,803 |
12,542,627 |
17,755,877 |
- |
|
Net
Liquid Funds |
19,494,616 |
28,283,803 |
12,542,627 |
17,755,877 |
- |
|
Net
Liquid Assets |
38,623,826 |
36,090,950 |
21,121,909 |
22,313,557 |
48,504,088 |
|
Net
Current Assets/(Liabilities) |
47,162,714 |
46,448,550 |
28,351,007 |
29,301,788 |
48,504,088 |
|
Net
Tangible Assets |
52,653,327 |
47,915,475 |
28,710,394 |
29,763,865 |
49,413,925 |
|
Net
Monetary Assets |
38,623,826 |
36,085,186 |
21,079,544 |
22,281,915 |
48,383,719 |
|
PROFIT
& LOSS ITEMS |
|||||
|
Earnings
Before Interest & Tax (EBIT) |
0 |
0 |
0 |
5,241,182 |
- |
|
Earnings
Before Interest, Taxes, Depreciation And Amortization (EBITDA) |
0 |
0 |
0 |
5,445,566 |
- |
|
BALANCE
SHEET ITEMS |
|||||
|
Total
Borrowings |
0 |
0 |
27,560 |
0 |
- |
|
Total
Liabilities |
43,385,445 |
47,244,914 |
24,009,835 |
19,373,889 |
44,095,383 |
|
Total
Assets |
96,094,452 |
95,213,798 |
52,742,809 |
49,175,918 |
93,388,940 |
|
Net
Assets |
52,709,007 |
47,974,648 |
28,775,339 |
29,833,671 |
49,413,926 |
|
Net
Assets Backing |
52,709,007 |
47,968,884 |
28,732,974 |
29,802,029 |
49,293,557 |
|
Shareholders'
Funds |
52,709,007 |
47,968,884 |
28,732,974 |
29,802,029 |
49,293,556 |
|
Total
Share Capital |
16,008,765 |
16,008,765 |
5,938,116 |
5,938,116 |
25,500,000 |
|
Total
Reserves |
36,700,242 |
31,960,119 |
22,794,858 |
23,863,913 |
23,793,556 |
|
LIQUIDITY
(Times) |
|||||
|
Cash
Ratio |
0.45 |
0.60 |
0.52 |
0.92 |
- |
|
Liquid
Ratio |
1.89 |
1.76 |
1.88 |
2.15 |
- |
|
Current
Ratio |
2.09 |
1.98 |
2.18 |
2.51 |
2.10 |
|
WORKING
CAPITAL CONTROL (Days) |
|||||
|
Stock
Ratio |
11 |
19 |
20 |
15 |
- |
|
Debtors
Ratio |
53 |
77 |
68 |
35 |
- |
|
Creditors
Ratio |
2 |
5 |
1 |
2 |
- |
|
SOLVENCY
RATIOS (Times) |
|||||
|
Gearing
Ratio |
0 |
0 |
0 |
0 |
- |
|
Liabilities
Ratio |
0.82 |
0.98 |
0.84 |
0.65 |
0.89 |
|
Times
Interest Earned Ratio |
5,626.63 |
6,375.42 |
1,143.31 |
1,812.93 |
- |
|
Assets
Backing Ratio |
3.29 |
2.99 |
4.83 |
5.01 |
1.94 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating
Profit Margin |
1.95 |
0.81 |
1.30 |
3.12 |
4.31 |
|
Net
Profit Margin |
1.85 |
0.68 |
0.96 |
2.77 |
3.72 |
|
Return
On Net Assets |
10.56 |
3.39 |
5.89 |
17.57 |
22.51 |
|
Return
On Capital Employed |
10.55 |
3.38 |
5.88 |
17.53 |
22.51 |
|
Return
On Shareholders' Funds/Equity |
10.03 |
2.84 |
4.36 |
15.59 |
19.45 |
|
Dividend
Pay Out Ratio (Times) |
0.10 |
0.46 |
1.85 |
2.97 |
- |
|
NOTES
TO ACCOUNTS |
|||||
|
Contingent
Liabilities |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.79 |
|
|
1 |
Rs.99.95 |
|
Euro |
1 |
Rs.71.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.