MIRA INFORM REPORT

Report Date :

13.11.2013

IDENTIFICATION DETAILS

Name :	AVNET ASIA PTE LTD
Registered Office :	151, Lorong Chuan, 06 - 03, New Tech Park, 556741,
Country :	Singapore.
Financials (as on) :	01.07.2011
Date of Incorporation :	18.01.1999
Com. Reg. No.:	199900292-C
Legal Form :	Private Limited
Line of Business :	Supply of Electronic Components
No. of Employees :	300 [2013]

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 :	Slow but correct
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^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% 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

* Adopted abbreviations :	SC - Subject Company (the company enquired by you)
	N/A - Not Applicable

EXECUTIVE SUMMARY

REGISTRATION NO.	:	199900292-C
COMPANY NAME	:	AVNET ASIA PTE LTD
FORMER NAME	:	N/A
INCORPORATION DATE	:	18/01/1999
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	151, LORONG CHUAN, 06 - 03, NEW TECH PARK, 556741, SINGAPORE.
BUSINESS ADDRESS	:	151 LORONG CHUAN, NEW TECH PARK, #06-03, 556741, SINGAPORE.
TEL.NO.	:	65-65806000
FAX.NO.	:	65-65806200
WEB SITE	:	WWW.AVNET.COM.SG
CONTACT PERSON	:	TAN BOON PIN ( DIRECTOR )
PRINCIPAL ACTIVITY	:	SUPPLY OF ELECTRONIC COMPONENTS
ISSUED AND PAID UP CAPITAL	:	5,474,720.00 ORDINARY SHARE, OF A VALUE OF SGD 466,514,786.40 242,514.00 PREFERENCE SHARE, OF A VALUE OF SGD 242,514,000.00 68,000,000.00 OTHER SHARE, OF A VALUE OF USD 68,000,000.00
SALES	:	USD 2,966,118,000 [2011]
NET WORTH	:	USD 603,073,000 [2011]
STAFF STRENGTH	:	300 [2013]
LITIGATION	:	CLEAR
FINANCIAL CONDITION	:	FAIR
PAYMENT	:	GOOD
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	GOOD
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY / BACKGROUND

The SC 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 SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC 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 SC is insolvent. The SC 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 SC is principally engaged in the (as a / as an) supply of electronic components.

The immediate holding company of the SC is AVNET HOLDING B.V., a company incorporated in NETHERLANDS.

The ultimate holding company of the SC is AVNET, INC., a company incorporated in UNITED STATES.

The major shareholder(s) of the SC are shown as follows :

Name	Address	IC/PP/Loc No	Shareholding	(%)
AVNET HOLDING B.V. [ORDINARY SGD 5474720; USD 68000000, PREFERENCE SGD 242514]	TAKKEBIJSTERS 2, 4817 BL BREDA, NETHERLANDS.	NLT06UF0800	73,717,234.00	100.00
			---------------	------
			73,717,234.00	100.00
			============	=====

+ Also Director

The SC interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	(%)	As At
018686	HONG KONG	MEMEC (ASIA PACIFIC) LIMITED	100.00	01/07/2011
475896K	MALAYSIA	AVNET MALAYSIA SDN BHD	100.00	01/07/2011
011009	NEW ZEALAND	AVNET (NZ)	100.00	01/07/2011
018686	HONG KONG	AVNET (ASIA PACIFIC HOLDINGS) LIMITED	100.00	01/07/2011
199501472G	SINGAPORE	AVNET TECHNOLOGY SOLUTIONS (ASEAN) PTE. LTD.	100.00	01/07/2011
011104	VIRGIN ISLANDS, BRITISH	VANDA IT SOLUTIONS & SYSTEMS MANAGEMENT LIMITED	100.00	01/07/2011
011104	VIRGIN ISLANDS, BRITISH	PRIDE WELL LIMITED	100.00	01/07/2011
011093	AUSTRALIA	AVNET (AUSTRALIA) PTY. LTD.	100.00	01/07/2011
011	KOREA	AVNET KOREA, INC.	100.00	01/07/2011
011328	CHINA	AVNET LOGISTICS (SHENZHEN) LTD	100.00	01/07/2011
198905231K	SINGAPORE	AVNET EM JAPAN (ASIA) LIMITED	100.00	29/06/2012
199501472G	SINGAPORE	AVNET TECHNOLOGY SOLUTIONS (ASEAN) PTE. LTD.	100.00	29/06/2012
011328	CHINA	AVNET (SHANGHAI) LIMITED	100.00	01/07/2011
018685	HONG KONG	CHINATRONIC TECHNOLOGY LIMITED	100.00	01/07/2011
018685	HONG KONG	AVNET SUNRISE LIMITED	100.00	01/07/2011
018685	HONG KONG	AVNET TECHNOLOGY HONG KONG LIMITED	100.00	01/07/2011
011328	CHINA	AVNET (TIANJIN) LOGISTICS LTD	100.00	01/07/2011

DIRECTORS

DIRECTOR 1

Name Of Subject	:	MICHAEL RYAN MCCOY
Address	:	6125, E. WETHERSFIELD ROAD, SCOTTSDALE, ARIZONA, 85254, UNITED STATES.
IC / PP No	:	445421189
Nationality	:	AMERICAN
Date of Appointment	:	30/01/2013

DIRECTOR 2

Name Of Subject	:	MR. TAN BOON PIN
Address	:	50K, FABER HEIGHTS, 03 - 72, FABER CREST, 129204, SINGAPORE.
IC / PP No	:	S1605016D
Nationality	:	SINGAPOREAN
Date of Appointment	:	18/10/2011

DIRECTOR 3

Name Of Subject	:	WILLIAM READ CROWELL
Address	:	9782, E WINDROSE SCOTTSDALE AZ, 85260, UNITED STATES.
IC / PP No	:	214580622
Nationality	:	AMERICAN
Date of Appointment	:	20/06/2013

DIRECTOR 4

Name Of Subject	:	ROBIN KWOK MAN-SING
Address	:	FLAT B-2/F BLOCK 2, BEVERLEY HEIGHT, 56, CLOUD VIEW ROAD, HONG KONG.
IC / PP No	:	BA828732
Nationality	:	CANADIAN
Date of Appointment	:	20/06/2013

MANAGEMENT

1)	Name of Subject	:	TAN BOON PIN
	Position	:	DIRECTOR

AUDITOR

Auditor	:	KPMG LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	CHEN MEIZUAN @ TAN BEE SUAN
	IC / PP No	:	S7124493H
	Address	:	761, CHOA CHU KANG NORTH 5, 12 - 179, 680761, SINGAPORE.

2)	Company Secretary	:	BAI LIPING @ PEK LAY PHENG
	IC / PP No	:	S7704449C
	Address	:	318D, ANCHORVALE LINK, 06 - 229, 544318, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation.

LEGAL CHECK AGAINST SC

* A check has been conducted in our databank againt the SC 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.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	YES
Overseas	:	YES

The SC 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	[		]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	AS AGREED
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

ELECTRONIC COMPONENTS

Total Number of Employees:
YEAR	2013	2012
GROUP	N/A	N/A
COMPANY	300	300

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) supply of electronic components.

The SC is the distributor of electronic components, semiconductors and others.

The SC supplies products including inter-connectors, passive and electro-mechanical components.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	6565806000
Current Telephone Number	:	65-65806000
Match	:	YES
Address Provided by Client	:	151 LORANG CHUAN 06-03 NEW TECH PARK SINGAPORE 556741
Current Address	:	151 LORONG CHUAN, NEW TECH PARK, #06-03, 556741, SINGAPORE.
Match	:	NO

Other Investigations

we contacted one of the staff from the SC and she provided some information on the SC.

The address provided is incomplete.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2009 - 2011	]
Profit/(Loss) Before Tax	:	Increased	[	2009 - 2011	]
Return on Shareholder Funds	:	Unfavourable	[	9.18%	]
Return on Net Assets	:	Acceptable	[	10.67%	]
The SC's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The SC's management have been efficient in controlling its operating costs. The unfavourable return on shareholders' funds could indicate that the SC was inefficient in utilising its assets to generate returns.
Working Capital Control
Stock Ratio	:	Favourable	[	37 Days	]
Debtor Ratio	:	Favourable	[	46 Days	]
Creditors Ratio	:	Favourable	[	48 Days	]
The SC'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 SC. The SC had a favourable creditors' ratio where the SC could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	1.07 Times	]
Current Ratio	:	Unfavourable	[	1.59 Times	]
A minimum liquid ratio of 1 should be maintained by the SC in order to assure its creditors of its ability to meet short term obligations and the SC was in a good liquidity position. Thus, we believe the SC is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The SC's interest cover was nil as it did not pay any interest during the year. The SC had no gearing and hence it had virtually no financial risk. The SC was financed by its shareholders' funds and internally generated fund. During the economic downturn, the SC, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
Generally, the SC's performance has improved with higher turnover and profit. The SC was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the SC should be able to repay its short term obligations. The SC did not make any interest payment during the year. The SC was dependent on its shareholders' funds to finance its business needs. The SC was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The SC has good chance of getting loans, if the needs arises.
Overall financial condition of the SC : FAIR

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2008	2009	2010	2011	2012
Population (Million)	4.84	4.98	5.08	5.18	5.31
Gross Domestic Products ( % )	1.5	<0.8>	14.5	4.9	1.3
Consumer Price Index	6.6	0.6	2.8	5.2	4.6
Total Imports (Million)	450,892.6	356,299.3	423,221.8	459,655.1	474,554.0
Total Exports (Million)	476,762.2	391,118.1	478,840.7	514,741.2	510,329.0
Unemployment Rate (%)	2.2	3.2	2.2	2.1	2.0
Tourist Arrival (Million)	10.12	9.68	11.64	13.17	14.37
Hotel Occupancy Rate (%)	81.0	75.8	85.6	86.5	86.4
Cellular Phone Subscriber (Million)	1.31	1.37	1.43	1.50	1.52
Registration of New Companies (No.)	25,327	26,414	29,798	32,317	31,892
Registration of New Companies (%)	<2.2>	4.3	12.8	8.5	<1.3>
Liquidation of Companies (No.)	10,493	22,393	15,126	19,005	17,218
Liquidation of Companies (%)	13.7	113.4	<32.5>	25.6	9.4
Registration of New Businesses (No.)	24,850	26,876	23,978	23,494	24,788
Registration of New Businesses (%)	0.36	8.15	<10.78>	2.02	5.51
Liquidation of Businesses (No.)	21,150	23,552	24,211	23,005	22,489
Liquidation of Businesses (%)	<0.8>	11.4	2.8	<5>	<2.2>
Bankruptcy Orders (No.)	2,326	2,058	1,537	1,527	1,748
Bankruptcy Orders (%)	<15.9>	<11.5>	<25.3>	<0.7>	14.5
Bankruptcy Discharges (No.)	1,500	3,056	2,252	1,391	1,881
Bankruptcy Discharges (%)	<7.7>	103.7	<26.3>	<38.2>	35.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	<0.32>	3.25	<0.48>	4.25	3.64
Fish Supply & Wholesale	<6.31>	<1.93>	<10.5>	12.10	<0.5>
Manufacturing *	74.6	71.5	92.8	100.0	100.3
Food, Beverages & Tobacco	94.8	90.4	96.4	100.0	103.5
Textiles	180.1	145.9	122.1	100.0	104.0
Wearing Apparel	334.6	211.0	123.3	100.0	92.1
Leather Products & Footwear	128.2	79.5	81.8	100.0	98.6
Wood & Wood Products	132.0	101.4	104.0	100.0	95.5
Paper & Paper Products	101.0	95.4	106.1	100.0	97.4
Printing & Media	118.2	100.9	103.5	100.0	93.0
Crude Oil Refineries	113.1	96.4	95.6	100.0	99.4
Chemical & Chemical Products	84.5	80.3	97.6	100.0	100.5
Pharmaceutical Products	43.7	49.1	75.3	100.0	109.7
Rubber & Plastic Products	120.1	101.2	112.3	100.0	96.5
Non-metallic Mineral	96.5	91.9	92.5	100.0	98.2
Basic Metals	109.8	92.6	102.2	100.0	90.6
Fabricated Metal Products	101.3	90.8	103.6	100.0	104.3
Machinery & Equipment	65.0	57.3	78.5	100.0	112.9
Electrical Machinery	81.7	86.8	124.1	100.0	99.3
Electronic Components	93.1	85.2	113.6	100.0	90.6
Transport Equipment	102.0	96.0	94.0	100.0	106.3
Construction	45.90	<36.9>	14.20	20.50	28.70
Real Estate	<11.2>	1.4	21.3	25.4	31.9
Services
Electricity, Gas & Water	<1.3>	1.70	4.00	7.00	6.30
Transport, Storage & Communication	11.60	3.90	12.80	7.40	5.30
Finance & Insurance	<5.9>	<16.4>	<0.4>	8.90	0.50
Government Services	17.40	4.50	9.70	6.90	6.00
Education Services	0.50	0.10	<0.9>	<1.4>	0.30
* Based on Index of Industrial Production (2011 = 100)
(Source : Department of Statistics)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.
The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.
In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1999, the SC is a Private Limited company, focusing on supply of electronic components. With its long establishment in the market, the SC has received strong support from its stable customers base. Its business position in the market is quite stable and it is expected to enjoy better market shares over its rivals. Having strong support from its shareholder has enabled the SC to remain competitive despite the challenging business environment. The SC has strong capital position. We are confident with the SC's business and its future growth prospect.

Over the years, the SC has penetrated into both the local and overseas market. The SC has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the SC to further enhance its business in the near term. The SC is a fairly large and rapidly growing company with over 300 staff in its operations Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. The SC has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The SC is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the SC virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 603,073,000, the SC should be able to maintain its business in the near terms.

Without a strong assets backing, the SC may face difficulties in getting loans for its future expansion and continued growth. The SC's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the SC has a good control over its resources.

Overall, the SC's payment habit is good as the SC has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry.

Based on the above condition, we recommend credit be granted to the SC normally.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

AVNET ASIA PTE LTD

Financial Year End	2011-07-01	2010-07-01	2009-06-26
Months	12	13	12
Consolidated Account	Company	Company	Company
Audited Account	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES
Financial Type	FULL	FULL	FULL
Currency	USD	USD	USD
TURNOVER	2,966,118,000	2,211,526,000	1,624,086,000
Other Income	30,489,000	22,213,000	-
	----------------	----------------	----------------
Total Turnover	2,996,607,000	2,233,739,000	1,624,086,000
Costs of Goods Sold	<2,793,025,000>	<2,067,092,000>	-
	----------------	----------------	----------------
Gross Profit	203,582,000	166,647,000	-
	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	64,332,000	63,629,000	86,282,000
	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	64,332,000	63,629,000	86,282,000
Taxation	<8,970,000>	<7,958,000>	<7,847,000>
	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	55,362,000	55,671,000	78,435,000
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	19,142,000	<36,529,000>	<114,964,000>
	----------------	----------------	----------------
As restated	19,142,000	<36,529,000>	<114,964,000>
	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	74,504,000	19,142,000	<36,529,000>
	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	74,504,000	19,142,000	<36,529,000>
	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	-	-	1,410,000
		----------------	----------------
		-	1,410,000

BALANCE SHEET

AVNET ASIA PTE LTD

ASSETS EMPLOYED:
FIXED ASSETS	3,178,000	3,860,000	4,277,000
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	260,886,000	187,211,000	179,941,000
Deferred assets	1,943,000	1,742,000	1,351,000
	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	262,829,000	188,953,000	181,292,000
	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	266,007,000	192,813,000	185,569,000
CURRENT ASSETS
Stocks	299,411,000	238,216,000	141,413,000
Trade debtors	372,898,000	315,966,000	168,262,000
Other debtors, deposits & prepayments	22,988,000	16,568,000	12,806,000
Deposits with financial institutions	-	-	441,000
Amount due from related companies	154,017,000	134,673,000	84,785,000
Cash & bank balances	55,723,000	40,679,000	159,652,000
	----------------	----------------	----------------
TOTAL CURRENT ASSETS	905,037,000	746,102,000	567,359,000
	----------------	----------------	----------------
TOTAL ASSET	1,171,044,000	938,915,000	752,928,000
	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	366,342,000	340,940,000	208,486,000
Other creditors & accruals	32,217,000	25,941,000	18,649,000
Amounts owing to related companies	164,142,000	103,175,000	114,799,000
Provision for taxation	5,270,000	6,436,000	7,085,000
	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	567,971,000	476,492,000	349,019,000
	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	337,066,000	269,610,000	218,340,000
	----------------	----------------	----------------
TOTAL NET ASSETS	603,073,000	462,423,000	403,909,000
	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	507,321,000	439,321,000	439,321,000
	----------------	----------------	----------------
TOTAL SHARE CAPITAL	507,321,000	439,321,000	439,321,000
RESERVES
Exchange equalisation/fluctuation reserve	21,248,000	3,960,000	1,117,000
Retained profit/(loss) carried forward	74,504,000	19,142,000	<36,529,000>
	----------------	----------------	----------------
TOTAL RESERVES	95,752,000	23,102,000	<35,412,000>
	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	603,073,000	462,423,000	403,909,000
	----------------	----------------	----------------
	603,073,000	462,423,000	403,909,000
	=============	=============	=============

FINANCIAL RATIO

AVNET ASIA PTE LTD

TYPES OF FUNDS
Cash	55,723,000	40,679,000	159,652,000
Net Liquid Funds	55,723,000	40,679,000	159,652,000
Net Liquid Assets	37,655,000	31,394,000	76,927,000
Net Current Assets/(Liabilities)	337,066,000	269,610,000	218,340,000
Net Tangible Assets	603,073,000	462,423,000	403,909,000
Net Monetary Assets	37,655,000	31,394,000	76,927,000
BALANCE SHEET ITEMS
Total Borrowings	0	0	0
Total Liabilities	567,971,000	476,492,000	349,019,000
Total Assets	1,171,044,000	938,915,000	752,928,000
Net Assets	603,073,000	462,423,000	403,909,000
Net Assets Backing	603,073,000	462,423,000	403,909,000
Shareholders' Funds	603,073,000	462,423,000	403,909,000
Total Share Capital	507,321,000	439,321,000	439,321,000
Total Reserves	95,752,000	23,102,000	<35,412,000>
LIQUIDITY (Times)
Cash Ratio	0.10	0.09	0.46
Liquid Ratio	1.07	1.07	1.22
Current Ratio	1.59	1.57	1.63
WORKING CAPITAL CONTROL (Days)
Stock Ratio	37	39	32
Debtors Ratio	46	52	38
Creditors Ratio	48	60	47
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.00
Liabilities Ratio	0.94	1.03	0.86
Times Interest Earned Ratio	0.00	0.00	62.19
Assets Backing Ratio	1.19	1.05	0.92
PERFORMANCE RATIO (%)
Operating Profit Margin	2.17	2.88	5.31
Net Profit Margin	1.87	2.52	4.83
Return On Net Assets	10.67	13.76	21.71
Return On Capital Employed	10.67	13.76	21.71
Return On Shareholders' Funds/Equity	9.18	12.04	19.42
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.59
UK Pound	1	Rs.101.55
Euro	1	Rs.84.15

INFORMATION DETAILS

Report Prepared by :

NLM

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.