MIRA INFORM REPORT

 

 

Report Date :

05.11.2011

 

IDENTIFICATION DETAILS

 

Name :

AV CONCEPT SINGAPORE PTE. LTD.

 

 

Formerly Known As :

BOSTEX ELECTRONICS PTE LTD

 

 

Registered Office :

219 Henderson Road #10-01 Henderson Industrial Park Singapore 159556

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

30.10.1989

 

 

Com. Reg. No.:

198904746N

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale of electronic components

 

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 :

Unknown

 

 

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 30th, 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

:

AV CONCEPT SINGAPORE PTE. LTD.

Registration No

:

198904746N

Date of Registration

:

30/10/1989

Former Name

:

BOSTEX ELECTRONICS PTE LTD Eff. date : 30/10/1989 Eff. date : 30/10/1989

Date of Change of Name

:

02/01/2004

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

219 HENDERSON ROAD #10-01 HENDERSON INDUSTRIAL PARK SINGAPORE 159556

Date of Change of Address

:

02/03/1995

Contact No.

:

6276 5130

Fax No.

:

6276 5132

Website

:

www.avconcept.com

Registered Activities

:

WHOLESALE OF ELECTRONIC COMPONENTS

IMPORTERS, EXPORTERS AND DEALERS IN ELECTRONIC DEVICES, COMPONENTS AND PRODUCT

Issued Ordinary Capital*

:

$4,000,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 4,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$4,000,000.00 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

:

SINGAPORE, DOLLARS 231,141,092.00 (FY2011)

Net Worth

:

SINGAPORE, DOLLARS 10,505,402.00 (FY2011)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

1

S1000 / SME 500 / FG50 Ranking

:

1300 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)

1191 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2000/2001)

974 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (1998/1999)

Compounded Annual Growth Rate (CAGR)

:

1.45% (4 years)

 

 

Credit Rating

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

AV ELECTRONICS GROUP LIMITED

SHAREHOLDER ID

:

T03UF0282K

NATIONALITY

:

VIRGIN ISLANDS, BRITISH

ADDRESS

:

P.O. BOX 3340, ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS

NO. OF ORD SHARES

:

4,000,000

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

OFFICER DETAILS

 

NAME

:

LOW GEOK ENG SUSIE

ADDRESS

:

201 BISHAN STREET 23 #08-469 SINGAPORE 570201

POSITION

:

SECRETARY

DATE OF APPT

:

03/10/2003

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0167313J

 

NAME

:

SO YUK KWAN

ADDRESS

:

16 JERVOIS HILL SINGAPORE 247712

POSITION

:

DIRECTOR

DATE OF APPT

:

30/10/1989

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2600305I

 

NAME

:

YEUNG KIT LING

ADDRESS

:

16 JERVOIS HILL SINGAPORE 247712

POSITION

:

DIRECTOR

DATE OF APPT

:

07/04/1993

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S2600306G

 

 

KEY PERSONNEL PROFILE

 

Name:

SO YUK KWAN

NRIC Number:

S2600305I

Available Address:

16 JERVOIS HILL  SINGAPORE 247712

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

AV CONCEPT SINGAPORE PTE. LTD.

DIRECTOR

30/10/1989

-

-

2

SEPL GLOBAL PTE. LTD.

DIRECTOR

24/08/2010

255000

51.00

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

AV CONCEPT SINGAPORE PTE. LTD.

LIVE COMPANY

SHAREHOLDER

-

12/07/2011

 

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 (%)

 

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 1 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2011

Past Years

W.e.f 01 Jan 2011

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

1

District ($80,000 - $250,000)

0

0

High (>$250,000)

0

0

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Magistrate Court

 

Case No.

:

30216

 

Date of Filing

:

10/11/2010

 

Amount

:

4,362.35

 

Cause

:

Tort - Negligence (Motor Accidents Without Death/ Injury)

 

Case Status

:

PENDING

 

Plaintiff

:

STVE PTE. LTD.

 

COMPLIANCE

 

Date of Last AGM

:

30/06/2011

Date of Last AR

:

20/07/2011

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

231,141,092

56.78

147,429,712

85,556,511

149,131,918

218,205,488

Profit/(Loss) Before Tax

899,197

-4.36

940,236

(765,235)

(428,651)

468,914

Profit After Tax attributable to Shareholders

789,197

-12.18

898,623

(768,556)

(428,651)

437,831

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

37,596,412

41.91

26,493,520

14,409,300

22,606,834

29,037,100

Current Assets

31,237,663

54.59

20,206,226

10,352,352

20,044,341

27,115,890

Non Current Assets

6,358,749

1.14

6,287,294

4,056,948

2,562,493

1,921,210

 

 

 

 

 

 

 

Total Liabilities

27,091,010

61.47

16,777,315

5,810,860

12,756,016

19,241,453

Current Liabilities

26,740,305

61.66

16,541,043

5,732,954

12,524,276

19,015,531

Non Current Liabilities

350,705

48.43

236,272

77,906

231,740

225,922

 

 

 

 

 

 

 

Shareholders' Funds

10,505,402

8.12

9,716,205

8,598,440

9,850,818

9,795,647

Share Capital

4,000,000

0.00

4,000,000

4,000,000

4,000,000

4,000,000

Total Reserves

6,505,402

13.81

5,716,205

4,598,440

5,850,818

5,795,647

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

MAR 2011

MAR 2010

MAR 2009

MAR 2008

MAR 2007

Growth %

 

 

 

 

 

Year-on-Year Growth

56.78

72.32

-42.63

-31.66

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.34

0.61

-0.90

-0.29

0.20

Return on Equity (%)

7.51

9.25

-8.94

-4.35

4.47

Return on Assets (%)

2.10

3.39

-5.33

-1.90

1.51

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

2.58

1.73

0.68

1.29

1.96

Current Debt/Equity (Times)

2.55

1.70

0.67

1.27

1.94

Long Term Debt To Equity (Times)

0.03

0.02

0.01

0.02

0.02

Total Asset To Total Equity (Times)

3.58

2.73

1.68

2.29

2.96

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

6.15

5.56

5.94

6.60

7.51

Fixed Assets Turnover (Times)

36.35

23.45

21.09

58.20

113.58

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.17

1.22

1.81

1.60

1.43

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

The company's CAGR is 1.45% (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 0.34 per cent in FY11 (FY10: 0.61 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.00 of profit for every SINGAPORE, DOLLARS of sales in FY11, as compared with SINGAPORE, DOLLARS 0.01 a year ago.

 

Liquidity

Current ratio stood at 1.17 times in FY11 (FY10: 1.22 times). This means that the company has SINGAPORE, DOLLARS 1.17 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 2.58 times in FY11, as compared with 1.73 times in FY10. This means that the company requires additional external financing of SINGAPORE, DOLLARS 2.58 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

 

 

Return on equity was 7.51 per cent for Subject in the current financial period, as compared to 9.25 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 2.10 per cent (FY10: 3.39 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 6.15 times in FY11 (FY10: 5.56 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.49.08

UK Pound

1

Rs.78.65

Euro

1

Rs.67.79

 

 

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.