MIRA INFORM REPORT

Report Date :

14.12.2011

IDENTIFICATION DETAILS

Name :	WE COMPONENTS PTE. LTD.
Formerly Known As :	PLEXUS COMPONENTS PTE LTD Eff.
Registered Office :	10 Ubi Crescent #03-94/95 Ubi Techpark Singapore 408564
Country :	Singapore
Financials (as on) :	31.12.2010
Date of Incorporation :	31.10.1997
Com. Reg. No.:	199707469R
Legal Form :	Limited Private Company
Line of Business :	General Wholesale Trade
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$394,000
Status :	Moderate
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 – September 30^th, 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	:	WE COMPONENTS PTE. LTD.
Registration No	:	199707469R
Date of Registration	:	31/10/1997
Former Name	:	PLEXUS COMPONENTS PTE LTD Eff. date : 31/10/1997 Eff. date : 31/10/1997
Date of Change of Name	:	29/03/2011
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	10 UBI CRESCENT #03-94/95 UBI TECHPARK SINGAPORE 408564
Date of Change of Address	:	19/07/2004
Contact No.	:	6311 2900
Fax No.	:	6311 2933
Website	:	www.plexusgp.com
Registered Activities	:	1. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS) 2. WHOLESALE ON A FEE OR CONTRACT BASIS (EG COMMISSION AGENTS)
Issued Ordinary Capital*	:	$9,450,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 9,276,797
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$9,450,000.00 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	:	RSM CHIO LIM LLP
Bankers / Financiers	:	DBS BANK LTD. UNITED OVERSEAS BANK LIMITED STANDARD CHARTERED BANK
Turnover	:	SINGAPORE, DOLLARS 87,838,579.00 (FY2010)
Net Worth	:	SINGAPORE, DOLLARS 7,887,288.00 (FY2010)
No. of Bank Charges	:	6
No. of Litigation Suits	:	NA
S1000 / SME 500 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 1000
Compounded Annual Growth Rate (CAGR)	:	19.74% (6 years)

Credit Recommendation

Recommended Credit Line

:

S$394,000

SHAREHOLDER DETAILS

NAME	:	WE HOLDINGS LTD.
SHAREHOLDER ID	:	198600445D
NATIONALITY	:	SINGAPORE
ADDRESS	:	10 UBI CRESCENT #03-95 UBI TECHPARK SINGAPORE 408564
NO. OF ORD SHARES	:	9,276,797
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	NG BOO GAN
ADDRESS	:	24 SIN MING WALK #01-01 BISHAN PARK CONDOMINIUM SINGAPORE 575572
POSITION	:	DIRECTOR
DATE OF APPT	:	02/03/1998
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S6804415D
NAME	:	SIM MONG KEANG
ADDRESS	:	220 DUCHESS AVENUE CASABELLA SINGAPORE 266337
POSITION	:	DIRECTOR
DATE OF APPT	:	31/10/1997
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S6928302J
NAME	:	LOH ENG LOCK KELVIN
ADDRESS	:	84 KEW DRIVE KEW GROVE SINGAPORE 467991
POSITION	:	DIRECTOR
DATE OF APPT	:	06/05/2011
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7421147Z

KEY PERSONNEL PROFILE

Name:	SIM MONG KEANG
NRIC Number:	S6928302J
Available Address:	220 DUCHESS AVENUE CASABELLA SINGAPORE 266337

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	MAXIMUS FORTUNE PTE. LTD.	DIRECTOR	11/11/2009	1	50.00
2	W SOLUTIONS PTE. LTD.	DIRECTOR	02/09/2011	95000	95.00
3	WE COMPONENTS PTE. LTD.	DIRECTOR	31/10/1997	-	-
4	WE HOLDINGS LTD.	DIRECTOR	02/06/2010	-	-
5	WE MICROELECTRONICS PTE. LTD.	DIRECTOR	29/06/2002	-	-
6	WE SYSTEMS PTE. LTD.	DIRECTOR	02/06/2010	-	-

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	ACX SOLUTIONS PTE. LTD.	LIVE COMPANY	DIRECTOR/SHR	16/09/2004	01/11/2010
2	CE DISTRIBUTION CENTRE (ASIA) PTE. LTD.	LIVE COMPANY	DIRECTOR/SHR	13/07/2005	10/11/2010
3	CHILISIN CORPORATION (ASIA) PTE. LTD.	STRUCK OFF	DIRECTOR	06/09/2005	-
4	CORE LINK RESOURCES PTE. LTD.	LIVE COMPANY	DIRECTOR/SHR	12/07/2006	27/07/2010
5	J ONE GLOBAL SOLUTION (S) PTE. LTD.	STRUCK OFF	DIRECTOR/SHR	03/04/2004	15/07/2010
6	NUSTAR PRIVATE LIMITED	LIVE COMPANY	DIRECTOR/SHR	13/07/2005	27/09/2011
7	PLEXUS COMPONENTS	TERMINATION	OWNER	14/10/1997	-
8	PLEXUS ELECTRONICS PTE. LTD.	LIVE COMPANY	DIRECTOR/SHR	08/08/2007	23/12/2010
9	SALIENT CONSULTING PTE LTD	STRUCK OFF	DIRECTOR	16/12/1999	-
10	SEED SYSTEM PTE. LTD.	LIVE COMPANY	DIRECTOR/SHR	14/08/2002	18/11/2011
11	TATLY PLEXUS TECHNOLOGY PTE LTD	LIVE COMPANY	DIRECTOR/SHR	17/11/2001	14/10/2011
12	THAT AQUARIUM	LIVE	OWNER	28/05/2002	01/01/2006
13	WE COMPONENTS PTE. LTD.	LIVE COMPANY	SHAREHOLDER	-	22/10/2011
14	WE MICROELECTRONICS PTE. LTD.	LIVE COMPANY	SHAREHOLDER	-	06/10/2011

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 (%)
WE MICROELECTRONICS PTE. LTD.	100

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there have been 6 bank charges registered against Subject by its bankers. The charge numbers are:

1)	Charge No.	:	C200811123
	Date of Registration	:	17/12/2008
	Chargee	:	DBS BANK LTD.
	Amount Secured and Currency	:	All Monies
	Address	:	6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809
2)	Charge No.	:	C200805199
	Date of Registration	:	09/06/2008
	Chargee	:	UNITED OVERSEAS BANK LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624
3)	Charge No.	:	C200805110
	Date of Registration	:	05/06/2008
	Chargee	:	DBS BANK LTD.
	Amount Secured and Currency	:	All Monies
	Address	:	6 SHENTON WAY, DBS BUILDING TOWER ONE SINGAPORE 068809
4)	Charge No.	:	C200800980
	Date of Registration	:	22/01/2008
	Chargee	:	UNITED OVERSEAS BANK LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624
5)	Charge No.	:	C200402652
	Date of Registration	:	03/06/2004
	Chargee	:	STANDARD CHARTERED BANK
	Amount Secured and Currency	:	All Monies
	Address	:	6 BATTERY ROAD SINGAPORE 049909
6)	Charge No.	:	C200305916
	Date of Registration	:	09/12/2003
	Chargee	:	UNITED OVERSEAS BANK LIMITED
	Amount Secured and Currency	:	All Monies
	Address	:	80 RAFFLES PLACE UOB PLAZA SINGAPORE 048624

LITIGATION

Clear

COMPLIANCE RECORDS

Date of Last AGM	:	30/06/2011
Date of Last AR	:	27/07/2011
Date of A/C Laid At Last AGM	:	31/12/2010

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	DEC 2010	DEC 2005	DEC 2004
Currency	SINGAPORE, DOLLARS	SGD - SIN	SINGAPORE, DOLLARS
Profit and Loss Key Figures
Turnover	87,838,579	40,774,316	29,796,116
Profit/(Loss) Before Tax	(1,877,387)	654,243	55,280
Profit After Tax attributable to Shareholders	(2,067,344)	418,901	(22,120)
Balance Sheet Key Figures
Total Assets	30,388,685	19,205,698	14,850,044
Current Assets	27,167,118	17,845,828	13,207,516
Non Current Assets	3,221,567	1,359,870	1,642,528
Total Liabilities	22,501,397	17,325,486	13,362,747
Current Liabilities	22,501,397	16,638,058	12,386,119
Non Current Liabilities	0	687,428	976,628
Shareholders' Funds	7,887,288	1,880,212	1,487,297
Share Capital	9,450,000	200,000	200,000
Total Reserves	(1,562,712)	1,680,212	1,287,297

FINANCIAL RATIOS

	Group
	DEC 2010	DEC 2005	DEC 2004
Growth %
Year-on-Year Growth	NA	NA	NA
Profitability
Profit Margin (%)	NA	1.03	NA
Return on Equity (%)	NA	22.28	NA
Return on Assets (%)	NA	2.18	NA
Leverage
Total Debt/Equity (Times)	2.85	9.21	8.98
Current Debt/Equity (Times)	2.85	8.85	8.33
Long Term Debt To Equity (Times)	NA	0.37	0.66
Total Asset To Total Equity (Times)	3.85	10.21	9.98
Asset Management
Total Assets Turnover (Times)	2.89	2.12	2.01
Fixed Assets Turnover (Times)	27.27	29.98	18.14
Liquidity
Current Ratio (Times)	1.21	1.07	1.07

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2010	DEC 2005	DEC 2004
Currency	SINGAPORE, DOLLARS	SINGAPORE, DOLLARS
Profit and Loss Key Figures
Turnover	*	0	0
Profit/(Loss) Before Tax	*	0	0
Profit After Tax attributable to Shareholders	*	0	0
Balance Sheet Key Figures
Total Assets	25,574,553	18,118,831	14,400,151
Current Assets	22,098,457	16,643,603	12,698,880
Non Current Assets	3,476,096	1,475,228	1,701,271
Total Liabilities	16,944,279	15,377,169	12,423,380
Current Liabilities	16,944,279	14,697,472	11,464,411
Non Current Liabilities	0	679,697	958,969
Shareholders' Funds	8,630,274	2,741,662	1,976,771
Share Capital	9,450,000	200,000	200,000
Total Reserves	(819,726)	2,541,662	1,776,771

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

FINANCIAL RATIOS

	Company
	DEC 2010	DEC 2005	DEC 2004
Growth %
Year-on-Year Growth	NA	NA	NA
Profitability
Profit Margin (%)	0.00	0.00	0.00
Return on Equity (%)	0.00	0.00	0.00
Return on Assets (%)	0.00	0.00	0.00
Leverage
Total Debt/Equity (Times)	1.96	5.61	6.28
Current Debt/Equity (Times)	1.96	5.36	5.80
Long Term Debt To Equity (Times)	0.00	0.25	0.49
Total Asset To Total Equity (Times)	2.96	6.61	7.28
Asset Management
Total Assets Turnover (Times)	0.00	0.00	0.00
Fixed Assets Turnover (Times)	0.00	0.00	0.00
Liquidity
Current Ratio (Times)	1.30	1.13	1.11

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 19.74% (6 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

We are unable to comment on Subject's profitability.

Liquidity

Current ratio stood at 1.21 times in FY10. This means that the group has SINGAPORE, DOLLARS 1.21 of current assets for every SINGAPORE, DOLLARS 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 2.85 times in FY10. This means that the group requires additional external financing of SINGAPORE, DOLLARS 2.85 for every SINGAPORE, DOLLARS 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

We are unable to comment on Subject's return on equity.

We are unable to comment on Subject's return on assets.

Total assets turnover ratio logged at 2.89 times in FY10. 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.53.40
UK Pound	1	Rs.83.32
Euro	1	Rs.70.44

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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