MIRA INFORM REPORT

 

 

Report Date :

06.12.2012

 

IDENTIFICATION DETAILS

 

Name :

FLEXTRONICS MANUFACTURING (SINGAPORE) PTE. LTD.

 

 

Formerly Known As :

SOLECTRON TECHNOLOGY SINGAPORE PTE LTD

 

 

Registered Office :

2 Changi South Lane Jit Logistics Centre Singapore 486123

 

 

Country :

Singapore

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

23.03.1981

 

 

Com. Reg. No.:

198101202H

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Contract manufacturers (pcba and electronic systems and sub-systems)

Sub contract manufacturer of pcba & electronic sub-systems

 

 

No. of Employees :

Not Available 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

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 financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. 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

 

 

Company Name:

Registered Number:

FLEXTRONICS MANUFACTURING (SINGAPORE) PTE. LTD.

198101202H

 

Date Incorporated:

Registered Office:

Telephone Number:

23/03/1981

2 CHANGI SOUTH LANE JIT LOGISTICS CENTRE SINGAPORE 486123

6507 6507

Age of Company:

Website:

Industry Type:

31

NA

MANUFACTURING

 

Risk Dashboard

Days Beyond Terms

Trend:

No. of Litigation Counts:

Company DTC:

2

30

Payment pattern as per previous month

No. of Charges(s):
2

Industry DTC

 

26

 

Directors

 

Corporate Structure

Number of Current Directors

2

Holding Company:

FLEXTRONICS INVESTMENT HOLDING (SINGAPORE) PTE. LTD.

Number that are shareholders

1

No. of Subsidiaries & Associated Companies:

NA

 

 

 

EXECUTIVE SUMMARY

 

Company Name

:

FLEXTRONICS MANUFACTURING (SINGAPORE) PTE. LTD.

Registration No

:

198101202H

Date of Registration

:

23/03/1981

Former Name

:

1.NATSTEEL ELECTRONICS PTE LTD Eff. date : 08/05/1990 Eff. date : 08/05/1990

2.NATSTEEL ELECTRONICS LTD Eff. date : 18/09/1997 Eff. date : 18/09/1997

3.SOLECTRON TECHNOLOGY SINGAPORE PTE LTD Eff. date : 19/03/2001 Eff. date : 19/03/2001

Date of Change of Name

:

22/01/2008

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

2 CHANGI SOUTH LANE JIT LOGISTICS CENTRE SINGAPORE 486123

Date of Change of Address

:

10/03/2008

Contact No.

:

6507 6507

Fax No.

:

6842 0367

Website

:

NA

Registered Activities

:

1. CONTRACT MANUFACTURERS (PCBA AND ELECTRONIC SYSTEMS AND SUB-SYSTEMS)

SUB CONTRACT MANUFACTURER OF PCBA & ELECTRONIC SUB-SYSTEMS

2. GENERAL WAREHOUSING

SHIP & WAREHOUSE SVCS, MFG & TRADE IN METAL STAMP PARTS TOOLS & DIES, ETC.

Issued Ordinary Capital*

:

$759,325,297.30 SINGAPORE, DOLLARS, NO. OF SHARE : 509,482,973

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$759,325,297.30 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

:

DELOITTE & TOUCHE LLP

Bankers / Financiers

:

THE RECEIVABLES EXCHANGE, LLC

CITIBANK, N.A.

Turnover

:

SGD - SIN 1,175,936,247.00 (FY2012)

Net Worth

:

SGD - SIN 634,699,854.00 (FY2012)

No. of Bank Charges

:

2

No. of Litigation Suits

:

2

S1000 / SME 1000 / FG50 Ranking

:

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

746 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2009/2010)

241 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2006/2007)

172 POSITION IN Singapore 1000 Companies Ranked by Net Profit (2006/2007)

284 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2005/2006)

Compounded Annual Growth Rate (CAGR)

:

12.34% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

FLEXTRONICS INVESTMENT HOLDING (SINGAPORE) PTE. LTD.

SHAREHOLDER ID

:

200010243H

NATIONALITY

:

SINGAPORE

ADDRESS

:

2 CHANGI SOUTH LANE JIT LOGISTICS CENTRE SINGAPORE 486123

NO. OF ORD SHARES

:

509,482,973

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

OFFICER DETAILS

 

NAME

:

MANNY MARIMUTHU

ADDRESS

:

NO. 5 LOT 32 PERSIARAN KUDALARI COUNTRY HEIGHTS 43000 KAJANG SELANGOR DARUL EHSAN, MALAYSIA

POSITION

:

DIRECTOR

DATE OF APPT

:

01/10/2007

NATIONALITY

:

MALAYSIAN

I/C PASSPORT

:

A25307688

 

NAME

:

BERNARD LIEW JIN YANG

ADDRESS

:

23 PALM DRIVE SINGAPORE 456507

POSITION

:

DIRECTOR

DATE OF APPT

:

01/10/2007

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1683520Z

 

 

KEY PERSONNEL PROFILE

 

Name:

MANNY MARIMUTHU

NRIC Number:

A25307688

Available Address:

NO. 5 LOT 32 PERSIARAN KUDALARI COUNTRY HEIGHTS 43000 KAJANG SELANGOR DARUL EHSAN, MALAYSIA

 

Current Business Interest

No.

Name

Position

Appt Date

#of Share

%

1

FLEXTRONICS DESIGN ASIA PTE. LTD.

DIRECTOR

02/08/2003

-

-

2

FLEXTRONICS GLOBAL ENCLOSURES (SINGAPORE) PTE. LTD.

DIRECTOR

01/10/2007

-

-

3

FLEXTRONICS GLOBAL SERVICES (SINGAPORE) PTE. LTD.

DIRECTOR

02/08/2003

-

-

4

FLEXTRONICS HOLDING (SINGAPORE) PTE LTD

DIRECTOR

29/03/2001

-

-

5

FLEXTRONICS INDUSTRIES SINGAPORE LTD.

DIRECTOR

19/07/2002

-

-

6

FLEXTRONICS INTERNATIONAL (SINGAPORE GROUP) PTE. LTD.

DIRECTOR

23/03/2005

-

-

7

FLEXTRONICS INTERNATIONAL HOLDINGS PTE LTD

DIRECTOR

18/12/2001

-

-

8

FLEXTRONICS INTERNATIONAL SINGAPORE PTE LTD

DIRECTOR

19/06/2000

-

-

9

FLEXTRONICS INVESTMENT HOLDING (SINGAPORE) PTE. LTD.

DIRECTOR

01/10/2007

-

-

10

FLEXTRONICS MANUFACTURING (SINGAPORE) PTE. LTD.

DIRECTOR

01/10/2007

-

-

11

FLEXTRONICS MECHANICALS SINGAPORE PTE. LTD.

DIRECTOR

26/07/2004

-

-

12

FLEXTRONICS MOULD MANUFACTURING PTE. LTD.

DIRECTOR

06/01/2004

-

-

13

FLEXTRONICS PLASTICS (SINGAPORE) PTE LTD

DIRECTOR

02/08/2003

-

-

14

FLEXTRONICS TECHNOLOGY (SINGAPORE) PTE LTD

DIRECTOR

07/06/2001

-

-

 

Previous Business

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

FLEXTRONICS DISTRIBUTION CENTRE (SINGAPORE) PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

07/06/2001

-

2

FLEXTRONICS SINGAPORE PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

01/11/2001

-

3

HI SKILL INDUSTRIES PTE LTD

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

06/01/2004

-

4

MORINO ELECTROPLATING (S) PTE. LTD.

DISSOLVED - MEMBERS' VOLUNTARY WINDING UP

DIRECTOR

01/10/2007

-

 

Bankruptcy Record

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Litigation Search – Writ of Summons

Court

Case No.

Transfer

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 have been 2 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C201206772

 

Date of Registration

:

21/06/2012

 

Chargee

:

THE RECEIVABLES EXCHANGE, LLC

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

2)

Charge No.

:

C200900881

 

Date of Registration

:

04/02/2009

 

Chargee

:

CITIBANK, N.A.

 

Amount Secured  and Currency

:

All Monies

 

Address

:

---

 

 

LITIGATION

 

there have been 2 litigation suits filed against Subject.

 

Current Year

On/After 01 Jan 2012

Past Years

Bef 01 Jan 2012

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

1

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

0

1

High (>$250,000)

0

0

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

1)

Court

:

District Court

 

Case No.

:

3482

 

Transfer

:

-

 

Date of Filing

:

26/10/2007

 

Amount

:

250,000.00

 

Cause

:

Tort - Negligence (Industrial Accidents With Injury)

 

Case Status

:

CONCLUDED

 

Plaintiff

:

RUGAYAH BINTE MANSOR

 

Last Update Date

:

02/08/2011

 

2)

Court

:

Magistrate Court

 

Case No.

:

854

 

Transfer

:

-

 

Date of Filing

:

10/01/2001

 

Amount

:

851.40

 

Cause

:

Contracts - Sale of Goods

 

Case Status

:

DEEMED DISCONTINUED

 

Plaintiff

:

W & J INTERNATIONAL (S) PTE LTD (IN CREDITOR'S VOLUNTARY WINDING U

 

Last Update Date

:

27/09/2007

 

 

COMPLIANCE

 

Date of Last AGM

:

28/09/2012

Date of Last AR

:

11/10/2012

Date of A/C Laid At Last AGM

:

31/03/2012
 

 

COMPLIANCE RATING FOR ANNUAL FILING

 

ANNUAL GENERAL MEETING,ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

 

Note:

 

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

 

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

 

For more information: www.acra.gov.sg/compliance

 

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

MAR 2012

% Change

MAR 2011

MAR 2010

MAR 2009

MAR 2008

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

1,175,936,247

8.93

1,079,551,120

1,014,168,101

1,062,874,927

738,303,262

Profit/(Loss) Before Tax

3,347,676

-81.13

17,740,752

27,461,061

84,406,322

38,999,527

Profit After Tax attributable

 to Shareholders

4,568,652

-71.89

16,253,392

27,005,016

84,885,182

40,041,100

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

1,010,781,729

-7.40

1,091,564,208

1,301,272,930

1,371,298,397

1,282,818,090

Current Assets

685,590,534

-10.93

769,694,192

1,039,987,397

1,093,480,152

975,178,717

Non Current Assets

325,191,195

1.03

321,870,016

261,285,533

277,818,245

307,639,373

 

 

 

 

 

 

 

Total Liabilities

376,081,875

8.03

348,137,856

308,366,526

393,734,145

272,470,886

Current Liabilities

373,785,039

9.01

342,878,976

302,685,910

392,974,027

271,369,140

Non Current Liabilities

2,296,836

-56.32

5,258,880

5,680,616

760,118

1,101,746

 

 

 

 

 

 

 

Shareholders' Funds

634,699,854

-14.63

743,426,352

992,906,407

977,564,251

1,010,347,204

Share Capital

569,815,488

-5.80

604,888,064

649,135,079

656,973,117

652,577,658

Total Reserves

64,884,366

-53.17

138,538,288

343,771,328

320,591,134

357,769,546

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS 

 

 

Company

 

MAR 2012

MAR 2011

MAR 2010

MAR 2009

MAR 2008

Growth %

 

 

 

 

 

Year-on-Year Growth

8.93

6.45

-4.58

43.96

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

0.39

1.51

2.66

7.99

5.42

Return on Equity (%)

0.72

2.19

2.72

8.68

3.96

Return on Assets (%)

0.45

1.49

2.08

6.19

3.12

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.59

0.47

0.31

0.40

0.27

Current Debt/Equity (Times)

0.59

0.46

0.30

0.40

0.27

Long Term Debt To Equity (Times)

0.00

0.01

0.01

0.00

0.00

Total Asset To Total Equity (Times)

1.59

1.47

1.31

1.40

1.27

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

1.16

0.99

0.78

0.78

0.58

Fixed Assets Turnover (Times)

3.62

3.35

3.88

3.83

2.40

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.83

2.24

3.44

2.78

3.59

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

The company's CAGR is 12.34% (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 0.39 per cent in FY12 (FY11: 1.51 per cent). The company is now able to book in SGD - SIN 0.00 of profit for every SGD - SIN of sales in FY12, as compared with SGD - SIN 0.02 a year ago.

 

Liquidity

Current ratio stood at 1.83 times in FY12 (FY11: 2.24 times). This means that the company has SGD - SIN 1.83 of current assets for every SGD - SIN 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 0.59 times in FY12, compared with 0.47 times in FY11. This means that the company requires additional external financing of SGD - SIN 0.59 for every SGD - SIN 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 0.72 per cent for Subject in the current financial period, as compared to 2.19 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 0.45 per cent (FY11: 1.49 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 1.16 times in FY12 (FY11: 0.99 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.54.57

UK Pound

1

Rs.87.90

Euro

1

Rs.71.53

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.