MIRA INFORM REPORT

 

 

Report Date :

11.10.2011

 

IDENTIFICATION DETAILS

 

Name :

AVNET ASIA PTE LTD

 

 

Registered Office :

151 Lorong Chuan #06-03 New Tech Park Singapore 556741

 

 

Country :

Singapore

 

 

Financials (as on) :

31.07.2010

 

 

Date of Incorporation :

18.01.1999

 

 

Com. Reg. No.:

199900292c

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

General Wholesale Trade

 

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

 

Maximum Credit Limit :

S$1,000,000

Status :

Satisfactory

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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

:

AVNET ASIA PTE LTD

Registration No

:

199900292C

Date of Registration

:

18/01/1999

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

151 LORONG CHUAN #06-03 NEW TECH PARK SINGAPORE 556741

Date of Change of Address

:

01/12/2009

Contact No.

:

6580 6000

Fax No.

:

6580 6200

Website

:

www.avnet.com

Registered Activities

:

1. GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS AND EXPORTERS)

2. OTHER INFORMATION TECHNOLOGY AND COMPUTER SERVICE ACTIVITIES (EG DISASTER RECOVERY SERVICES)

Issued Ordinary Capital*

:

$466,514,786.40 SINGAPORE, DOLLARS ,NO. OF SHARE : 5,474,720

$68,000,000.00 U.S. DOLLAR ,NO. OF SHARE : 68,000,000

Issued Preference Capital

:

$242,514,000.00 SINGAPORE, DOLLARS NO. OF SHARE : 242,514

Paid-Up Ordinary Capital

:

$68,000,000.00 U.S. DOLLAR

$466,514,786.40 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

$242,514,000.00 SINGAPORE, DOLLARS

* 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

:

KPMG LLP

Bankers / Financiers

:

NA

Turnover

:

U.S. DOLLAR 2,211,526,000.00 (FY2010)

Net Worth

:

U.S. DOLLAR 462,423,000.00 (FY2010)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

1

S1000 / SME 500 / FG50 Ranking

:

130 POSITION IN SINGAPORE 1000 (2008/2009)

128 POSITION IN SINGAPORE 1000 (2007/2008)

123 POSITION IN SINGAPORE 1000 (2006/2007)

149 POSITION IN SINGAPORE 1000 (2005/2006)

144 POSITION IN SINGAPORE 1000 (2004/2005)

142 POSITION IN SINGAPORE 1000 (2001/2002)

254 POSITION IN SINGAPORE 1000 (2000/2001)

Compounded Annual Growth Rate (CAGR)

:

NA

 

 

Credit Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

 

SHAREHOLDER DETAILS

 

NAME

:

AVNET HOLDING B.V.

SHAREHOLDER ID

:

T06UF0800E

NATIONALITY

:

NETHERLANDS

ADDRESS

:

TAKKEBIJSTERS 2, 4817 BL BREDA NETHERLANDS

NO. OF ORD SHARES

NO. OF ORD SHARES

NO. OF PREF SHARES

:

5,474,720

68,000,000

242,514

% OF SHAREHOLDING

:

100.0%

CURRENCY

:

SINGAPORE, DOLLARS

U.S. DOLLAR

SINGAPORE, DOLLARS

 

OFFICER DETAILS

 

NAME

:

RAYMOND JOHN SADOWSKI

ADDRESS

:

13120 E. APPALOOSA PLACE SCOTTSDALE AZ 85259 USA

POSITION

:

DIRECTOR

DATE OF APPT

:

01/03/2001

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

207671879

 

NAME

:

DAVID RALPH BIRK

ADDRESS

:

12983 EAST CORRINE DRIVE, SCOTTSDALE AZ 85259, USA

POSITION

:

DIRECTOR

DATE OF APPT

:

30/09/2005

NATIONALITY

:

AMERICAN

I/C PASSPORT

:

450641910

 

NAME

:

SEET GEOK NEO PATRICIA

ADDRESS

:

33 GARLICK AVENUE SINGAPORE 275826

POSITION

:

SECRETARY

DATE OF APPT

:

01/04/2008

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1465985D

 

NAME

:

NG CHIN YEE (HUANG JINGYI)

ADDRESS

:

15 HOLLAND HILL #02-01 OLINA LODGE SINGAPORE 278735

POSITION

:

DIRECTOR

DATE OF APPT

:

31/07/2006

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7147117I

 

NAME

:

PEK LAY PHENG (BAI LIPING)

ADDRESS

:

318D ANCHORVALE LINK #06-229 SINGAPORE 544318

POSITION

:

SECRETARY

DATE OF APPT

:

01/04/2008

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S7704449C

 

 

KEY PERSONNEL PROFILE

 

Name:

RAYMOND JOHN SADOWSKI

NRIC Number:

207671879

Available Address:

13120 E. APPALOOSA PLACE SCOTTSDALE AZ 85259 USA

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

AVNET ASIA PTE LTD

DIRECTOR

01/03/2001

-

-

2

AVNET INNOVASIA PTE. LTD.

DIRECTOR

16/04/2007

-

-

3

AVNET JAPAN CO., LTD. SINGAPORE BRANCH

DIRECTOR

01/07/2009

-

-

4

AVNET LOGISTICS PTE. LTD.

DIRECTOR

01/12/2008

-

-

5

AVNET SOLUTIONS PTE. LTD.

DIRECTOR

16/04/2007

-

-

6

AVNET TECHNOLOGY SOLUTIONS (ASEAN) PTE. LTD.

DIRECTOR

16/04/2007

-

-

7

YEL ELECTRONICS PTE LTD

DIRECTOR

31/12/2007

-

-

 

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

AVNET CINERGI PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

18/07/2003

25/01/2006

2

AVNET GTDG SINGAPORE PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

18/07/2003

10/02/2006

3

AVNET PARTNER SOLUTIONS PTE. LTD.

AMALGAMATED

DIRECTOR

16/04/2007

03/07/2010

4

AVNET TECHNOLOGY SOLUTIONS (SINGAPORE) PTE. LTD.

LIVE COMPANY

DIRECTOR

16/04/2007

03/07/2010

5

ELECTRO AIR PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

16/03/2002

29/09/2005

6

MEMEC (ASIA PACIFIC) LIMITED SINGAPORE BRANCH

CEASED REGISTRATION

DIRECTOR

01/12/2005

10/07/2007

 

KEY PERSONNEL PROFILE

 

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 (%)

AVNET TECHNOLOGY SOLUTIONS (ASEAN) PTE. LTD.

100

                                                                                                                       

 

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

 

The following litigation suits were traced against Subject. Case status is as per available. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT) offered.

 

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

0

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

0

0

High (>$250,000)

0

1

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

Supreme Court

 

Case No.

:

1574

 

Date of Filing

:

02/11/1999

 

Amount

:

0.00

 

Cause

:

Contracts - Employment

 

Case Status

:

CONCLUDED

 

Plaintiff

:

WONG LOKE KIAT

 

Last Update Date

:

03/03/2007

 

 

COMPLIANCE

 

Date of Last AGM

:

31/12/2010

Date of Last AR

:

28/01/2011

Date of A/C Laid At Last AGM

:

02/07/2010

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

JUL 2010

JUN 2009

JUN 2008

JUN 2007

JUN 2006

Currency

U.S. DOLLAR

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

Turnover

2,211,526,000

2,370,140,762

2,547,550,262

2,454,690,925

2,136,165,774

Profit/(Loss) Before Tax

63,629,000

125,917,276

8,692,983

(137,107,303)

41,704,878

Profit After Tax attributable to Shareholders

55,671,000

114,465,608

743,479

(144,460,753)

33,482,237

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

Total Assets

938,915,000

1,098,799,783

1,356,758,807

942,082,139

1,153,090,989

Current Assets

746,102,000

827,986,137

1,161,738,588

843,655,001

856,500,686

Non Current Assets

192,813,000

270,813,646

195,020,219

98,427,138

296,590,303

 

 

 

 

 

 

Total Liabilities

476,492,000

509,347,509

878,180,049

569,913,215

729,124,539

Current Liabilities

476,492,000

509,347,509

878,180,049

569,913,215

721,261,834

Non Current Liabilities

0

0

0

0

7,862,705

 

 

 

 

 

 

Shareholders' Funds

462,423,000

589,452,273

478,578,759

372,168,924

423,966,450

Share Capital

439,321,000

641,131,448

628,126,668

547,485,117

455,788,711

Total Reserves

23,102,000

(51,679,175)

(149,547,909)

(175,316,193)

(31,822,261)

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

JUL 2010

JUN 2009

JUN 2008

JUN 2007

JUN 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

NA

NA

NA

NA

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

2.52

4.83

0.03

-5.89

1.57

Return on Equity (%)

12.04

19.42

0.16

-38.82

7.90

Return on Assets (%)

5.93

10.42

0.05

-15.33

2.90

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

1.03

0.86

1.83

1.53

1.72

Current Debt/Equity (Times)

1.03

0.86

1.83

1.53

1.70

Long Term Debt To Equity (Times)

0.00

0.00

0.00

0.00

0.02

Total Asset To Total Equity (Times)

2.03

1.86

2.83

2.53

2.72

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

2.36

2.16

1.88

2.61

1.85

Fixed Assets Turnover (Times)

11.47

8.75

13.06

24.94

7.20

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.57

1.63

1.32

1.48

1.19

 

FINANCIAL COMMENTARY

 

Profitability

The company yielded a rate of net profit on sales of 2.52 per cent in FY10. The company is now able to book in U.S. DOLLAR 0.03 of profit for every U.S. DOLLAR of sales.

 

 

Liquidity

 

Current ratio stood at 1.57 times in FY10. This means that the company has U.S. DOLLAR 1.57 of current assets for every U.S. DOLLAR 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 at 1.03 times in FY10. This means that the company requires additional external financing of U.S. DOLLAR 1.03 for every U.S. DOLLAR 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 12.04 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 5.93 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 2.36 times in FY10. 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.49.07

UK Pound

1

Rs.76.65

Euro

1

Rs.66.17

 

 

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

 

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.