MIRA INFORM REPORT

 

 

Report Date :

23.12.2014

 

IDENTIFICATION DETAILS

 

Name :

ARROW ELECTRONICS ASIA (S) PTE. LTD.

 

 

Formerly Known As :

ARROW ELECTRONICS INDONESIA PTE LTD
ARROW ELECTRONICS (INDONESIA) PTE LTD

 

 

Registered Office :

750E, Chai Chee Road, 07-01/02, Technopark @ Chai Chee, 469005

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

19.08.1995

 

 

Com. Reg. No.:

199505934-R

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Wholesale of Electronic Components

 

 

No of Employees :

150

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

Payment Behaviour :

Slow

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, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, 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. 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

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

199505934-R

COMPANY NAME

:

ARROW ELECTRONICS ASIA (S) PTE. LTD.

FORMER NAME

:

ARROW ELECTRONICS INDONESIA PTE LTD (22/07/2002)
ARROW ELECTRONICS (INDONESIA) PTE LTD (26/12/1997)

INCORPORATION DATE

:

19/08/1995

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

750E, CHAI CHEE ROAD, 07-01/02, TECHNOPARK @ CHAI CHEE, 469005, SINGAPORE.

BUSINESS ADDRESS

:

750E CHAI CHEE ROAD, #07-01/02 TECHNOPARK @ CHAI CHEE, 469005, SINGAPORE.

TEL.NO.

:

65-65598388

FAX.NO.

:

65-64438662

EMAIL

:

SALES.SINGAPORE@AROWASIA.COM

WEB SITE

:

WWW.ARROWASIA.COM

CONTACT PERSON

:

YU MAN WANG ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

WHOLESALE OF ELECTRONIC COMPONENTS

 

 

 

ISSUED AND PAID UP CAPITAL

:

6,929,994.00 ORDINARY SHARE, OF A VALUE OF SGD 6,929,994.00

 

 

 

SALES

:

USD 455,613,661 [2012]

NET WORTH

:

USD (31,505,616) [2012]

 

 

 

STAFF STRENGTH

:

150 [2014]

BANKER (S)

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

FAIR

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

PROPOSED CREDIT LIMIT

:

NIL

 

 

HISTORY / BACKGROUND

 

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

 

The immediate holding company of the Subject is COMPONENTS AGENT (CAYMAN) LIMITED, a company incorporated in CAYMAN ISLANDS.

 

Share Capital History

Date

Issue & Paid Up Capital

30/09/2014

SGD 6,929,994.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

COMPONENTS AGENT (CAYMAN) LIMITED

P.O.BOX 2681 GT, GEORGE TOWN, GRAND CAYMAN, BRITISH, WEST INDIES, CAYMAN ISLANDS.

T03UF0274

6,929,994.00

100.00

 

 

 

---------------

------

 

 

 

6,929,994.00

100.00

 

 

 

============

=====

 

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

 

Local No

Country

Company

(%)

As At

 

THAILAND

ARROW ELECTRONICS (THAILAND) LIMITED

100.00

31/12/2012

 

 

 

 

 

200412466D

SINGAPORE

RICHARDSON RFPD SINGAPORE PTE. LTD.

100.00

31/12/2012

 

 

 

 

 

199505563E

SINGAPORE

ACHIEVA COMPONENTS PTE LTD

100.00

31/12/2012

 

 

 

 

 

199406539E

SINGAPORE

ACHIEVA ELECTRONICS PTE LTD

100.00

31/12/2012

 

 

 

 

 

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

PAUL JOSEPH REILLY

Address

:

21, OSBOURNE ROAD, GARDEN CITY, NEW YORK, 11530, UNITED STATES.

IC / PP No

:

445187675

 

 

 

 

 

 

 

 

 

Nationality

:

AMERICAN

Date of Appointment

:

15/08/2002

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

 

Name Of Subject

:

MR. PETER S.BROWN

Address

:

20, SUTTON PLACE SOUTH, NEW YORK, 10025, UNITED STATES.

IC / PP No

:

141752910

 

 

 

 

 

 

 

 

 

Nationality

:

AMERICAN

Date of Appointment

:

22/12/2003

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 3

 

Name Of Subject

:

MANALORE MANICKAVASAGAM NATARAJAN

Address

:

53, TAMPINES AVENUE 1, 04-02, THE TROPICA, 529772, SINGAPORE.

IC / PP No

:

S2744318D

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

02/05/2012

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 4

 

Name Of Subject

:

YU MAN WANG

Address

:

FLAT L 23/F, BLOCK 2, ROYAL PENINSULA HUNG HOM, KOWLOON, HONG KONG.

IC / PP No

:

790204052

 

 

 

 

 

 

 

 

 

Nationality

:

HONGKONGESE

Date of Appointment

:

13/08/2010

 

 

 

 

 

 

 

 

 

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

YU MAN WANG

 

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

LAU GEK SIN

 

IC / PP No

:

S1524169A

 

 

 

 

 

Address

:

71, TOH TUCK PLACE, TOH TUCK GARDEN, 596836, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD

 

 

 

 

 

 

 

ENCUMBRANCE (S)


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

 

 

LEGAL CHECK AGAINST SUBJECT


* A check has been conducted in our databank againt the Subject 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 Subject 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

[

 

]

 

Average 61-90 Days

[

 

]

 

Fair 91-120 Days

[

X

]

 

Poor >120 Days

[

 

]

 

 

 

 

 

 

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

 

 

 

Export Market

:

ASIA PACIFIC

Credit Term

:

30 - 90 DAYS

 

 

 

 

 

 

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Goods Traded

:

ELECTRICAL AND ELECTRONIC COMPONENTS IN COMPUTERS AND COMPUTER RELATED PRODUCTS

 

 

 

 

 

Total Number of Employees:

YEAR

2014

2012

 

GROUP

N/A

N/A

 

 

 

 

 

 

 

COMPANY

150

150

 

 

 

 

 

 

 

 

Branch

:

NO

 

 

Other Information:


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

Background of the Subject:
* it is one of the world's largest distributors of electronic components and computer products and a leading provider of services to the electronics industry.
* Headquartered in melville, new york, arrow serves as a supply channel partner for more than 600 suppliers and 175,000 original equipment manufacturers,contract manufacturers, and value-added resellers through more than 200 sales facilities and 23 distribution centers in 40 countries and territories.

Products/brands:
* semiconductor
* passive/electromechanical
* connector

Distributors for:
* astec power
* maxim/dallas
* national semiconductor
* knitter-switch
* broadcom corporation

Industries served:
* mulitnationals
* original equipment and contract manufacturers involved in field such as computers and peripherals
* communications
* consumer electronics
* industrial products and automotive

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

 

Telephone Number Provided By Client

:

6565598388

Current Telephone Number

:

65-65598388

Match

:

YES

 

 

 

Address Provided by Client

:

50E CHAI CHEE ROAD #07-01/02 TECHNO PARK @ CHAI CHEE 469005

SINGAPORE

Current Address

:

750E CHAI CHEE ROAD, #07-01/02 TECHNOPARK @ CHAI CHEE, 469005, SINGAPORE.

Match

:

NO

 

Other Investigations


On 1st October 2014 we contacted one of the staff from the Subject and she provided some information.

 

The address provided is incorrect.

 

 

FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Erratic

[

2009 - 2012

]

 

Profit/(Loss) Before Tax

:

Decreased

[

2009 - 2012

]

 

Return on Shareholder Funds

:

Unfavourable

[

(8.68%)

]

 

Return on Net Assets

:

Unfavourable

[

(13.76%)

]

 

 

 

 

 

 

 

 

The fluctuating turnover reflects the fierce competition among the existing and new market players.The management had succeeded in turning the Subject into a profit making company. The profit could be due to better control of its operating costs and efficiency in utilising its resources. The Subject's unfavourable returns on shareholders' funds indicate the management's inefficiency in utilising its assets to generate returns.

 

 

 

 

 

 

 

Working Capital Control

 

 

 

 

 

 

Stock Ratio

:

Favourable

[

46 Days

]

 

Debtor Ratio

:

Acceptable

[

56 Days

]

 

Creditors Ratio

:

Favourable

[

56 Days

]

 

 

 

 

 

 

 

 

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's management was quite efficient in handling its debtors. The Subject's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

 

 

 

 

 

 

 

Liquidity

 

 

 

 

 

 

Liquid Ratio

:

Unfavourable

[

0.51 Times

]

 

Current Ratio

:

Unfavourable

[

0.77 Times

]

 

 

 

 

 

 

 

 

A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.

 

 

 

 

 

 

 

Solvency

 

 

 

 

 

 

Interest Cover

:

Unfavourable

[

2.73 Times

]

 

Gearing Ratio

:

Favourable

[

0.00 Times

]

 

 

 

 

 

 

 

 

The Subject's interest cover was low. If its profits fall or when interest rate rises, it  may not be able to meet all its interest payment. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall Assessment :

 

 

 

 

 

 

The Subject's turnover showed a volatile trend but its losses were lower when compared to the previous corresponding period. This could suggest that the Subject was more efficient in its operating cost control and was more competitive. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. If there is a fall in the Subject's profit or any increase in interest rate, the Subject may not be able to generate sufficient cash-flow to service its interest. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.

 

 

 

 

 

 

 

Overall financial condition of the Subject : POOR

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2009

2010

2011

2012

2013

 

 

 

 

 

 

Population (Million)

4.98

5.08

5.18

5.31

5.40

Gross Domestic Products ( % )

(0.8)

14.5

4.9

1.3

3.7

Consumer Price Index

0.6

2.8

5.2

4.6

2.4

Total Imports (Million)

356,299.3

423,221.8

459,655.1

474,554.0

466,762.0

Total Exports (Million)

391,118.1

478,840.7

514,741.2

510,329.0

513,391.0

 

 

 

 

 

 

Unemployment Rate (%)

3.2

2.2

2.1

2.0

1.9

Tourist Arrival (Million)

9.68

11.64

13.17

14.49

15.46

Hotel Occupancy Rate (%)

75.8

85.6

86.5

86.4

86.3

Cellular Phone Subscriber (Million)

1.37

1.43

1.50

1.52

1.97

 

 

 

 

 

 

Registration of New Companies (No.)

26,414

29,798

32,317

31,892

37,288

Registration of New Companies (%)

4.3

12.8

8.5

(1.3)

9.8

Liquidation of Companies (No.)

22,393

15,126

19,005

17,218

17,369

Liquidation of Companies (%)

113.4

(32.5)

25.6

9.4

(5.3)

 

 

 

 

 

 

Registration of New Businesses (No.)

26,876

23,978

23,494

24,788

22,893

Registration of New Businesses (%)

8.15

(10.78)

2.02

5.51

1.70

Liquidation of Businesses (No.)

23,552

24,211

23,005

22,489

22,598

Liquidation of Businesses (%)

11.4

2.8

(5)

(2.2)

0.5

 

 

 

 

 

 

Bankruptcy Orders (No.)

2,058

1,537

1,527

1,748

1,992

Bankruptcy Orders (%)

(11.5)

(25.3)

(0.7)

14.5

14.0

Bankruptcy Discharges (No.)

3,056

2,252

1,391

1,881

2,584

Bankruptcy Discharges (%)

103.7

(26.3)

(38.2)

35.2

37.4

 

 

 

 

 

 

INDUSTRIES ( % of Growth ) :

 

 

 

 

 

Agriculture

 

 

 

 

 

Production of Principal Crops

3.25

(0.48)

4.25

3.64

-

Fish Supply & Wholesale

(1.93)

(10.5)

12.10

(0.5)

-

 

 

 

 

 

 

Manufacturing *

71.5

92.8

100.0

100.3

102.0

Food, Beverages & Tobacco

90.4

96.4

100.0

103.5

103.5

Textiles

145.9

122.1

100.0

104.0

87.1

Wearing Apparel

211.0

123.3

100.0

92.1

77.8

Leather Products & Footwear

79.5

81.8

100.0

98.6

109.8

Wood & Wood Products

101.4

104.0

100.0

95.5

107.4

Paper & Paper Products

95.4

106.1

100.0

97.4

103.2

Printing & Media

100.9

103.5

100.0

93.0

86.1

Crude Oil Refineries

96.4

95.6

100.0

99.4

93.5

Chemical & Chemical Products

80.3

97.6

100.0

100.5

104.1

Pharmaceutical Products

49.1

75.3

100.0

109.7

107.2

Rubber & Plastic Products

101.2

112.3

100.0

96.5

92.9

Non-metallic Mineral

91.9

92.5

100.0

98.2

97.6

Basic Metals

92.6

102.2

100.0

90.6

76.5

Fabricated Metal Products

90.8

103.6

100.0

104.3

105.1

Machinery & Equipment

57.3

78.5

100.0

112.9

114.5

Electrical Machinery

86.8

124.1

100.0

99.3

108.5

Electronic Components

85.2

113.6

100.0

90.6

94.3

Transport Equipment

96.0

94.0

100.0

106.3

107.5

 

 

 

 

 

 

Construction

(36.9)

14.20

20.50

28.70

-

Real Estate

1.4

21.3

25.4

31.9

-

 

 

 

 

 

 

Services

 

 

 

 

 

Electricity, Gas & Water

1.70

4.00

7.00

6.30

-

Transport, Storage & Communication

3.90

12.80

7.40

5.30

-

Finance & Insurance

(16.4)

(0.4)

8.90

0.50

-

Government Services

4.50

9.70

6.90

6.00

-

Education Services

0.10

(0.9)

(1.4)

0.30

-

 

 

 

 

 

 

* Based on Index of Industrial Production (2011 = 100)

 

 

 

 

 

 

 

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 1995, the Subject is a Private Limited company, focusing on wholesale of electronic components. With its long establishment in the market, the Subject 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. The Subject's capital standing is SGD 6,929,994. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. With an adequate share capital, the Subject has the potential of expanding its business in future.


Our investigation found that the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. The Subject is a fairly large and rapidly growing company with over 150 staff in its operations. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.


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 Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. The Subject's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of USD -31,505,616. Therefore, the Subject as a going concern is much dependent on its ability to generate sufficient cash flow and obtain additional financing to meet its future obligations.


Without a strong assets backing, the Subject may face difficulties in getting loans for its future expansion and continued growth . The Subject's products 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 Subject has a good control over its resources.


The Subject's overall payment habit is fair and this clearly implied a weak credit control of the Subject.


The industry shows an upward trend and this trend is very likely to sustain in the near terms.


Based on the above unfavourable condition, we regard granting credit to the Subject to be quite risky. Hence, credit is not recommended.

 

 

 

PROFIT AND LOSS ACCOUNT

 

 

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

ARROW ELECTRONICS ASIA (S) PTE. LTD.

 

Financial Year End

2012-12-31

2011-12-31

2010-12-31

2009-12-31

Months

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

 

 

 

 

 

TURNOVER

455,613,661

445,320,872

501,364,979

386,068,213

 

----------------

----------------

----------------

----------------

Total Turnover

455,613,661

445,320,872

501,364,979

386,068,213

Costs of Goods Sold

(429,511,942)

(420,609,500)

(472,087,290)

(364,165,033)

 

----------------

----------------

----------------

----------------

Gross Profit

26,101,719

24,711,372

29,277,689

21,903,180

 

----------------

----------------

----------------

----------------

 

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

2,748,007

(3,840,804)

1,436,574

(3,764,082)

 

----------------

----------------

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

2,748,007

(3,840,804)

1,436,574

(3,764,082)

Taxation

(12,903)

555,606

(639,403)

125,580

 

----------------

----------------

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

2,735,104

(3,285,198)

797,171

(3,638,502)

 

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

 

As previously reported

(38,223,736)

(35,201,278)

(35,998,449)

(32,359,947)

 

----------------

----------------

----------------

----------------

As restated

(38,223,736)

(35,201,278)

(35,998,449)

(32,359,947)

 

----------------

----------------

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

(35,488,632)

(38,486,476)

(35,201,278)

(35,998,449)

TRANSFER TO RESERVES - Statutory

-

262,740

-

-

 

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

(35,488,632)

(38,223,736)

(35,201,278)

(35,998,449)

 

=============

=============

=============

=============

 

 

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

 

 

Others

1,588,194

1,410,414

1,804,901

3,848,998

 

----------------

----------------

----------------

----------------

 

1,588,194

1,410,414

1,804,901

3,848,998

 

=============

=============

=============

=============

 

 

 

 

 

 

 

 

 

 

 

BALANCE SHEET

 

ARROW ELECTRONICS ASIA (S) PTE. LTD.

 

ASSETS EMPLOYED:

 

 

 

 

FIXED ASSETS

148,564

266,899

135,648

119,688

 

 

 

 

 

LONG TERM INVESTMENTS/OTHER ASSETS

 

 

 

 

Subsidiary companies

18,518,212

18,518,212

18,518,212

18,518,189

Deferred assets

663,827

660,563

104,961

66,624

 

----------------

----------------

----------------

----------------

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

19,182,039

19,178,775

18,623,173

18,584,813

 

 

 

 

 

Others

3,275,000

3,275,000

3,275,000

-

 

----------------

----------------

----------------

----------------

TOTAL INTANGIBLE ASSETS

3,275,000

3,275,000

3,275,000

-

 

----------------

----------------

----------------

----------------

TOTAL LONG TERM ASSETS

22,605,603

22,720,674

22,033,821

18,704,501

 

 

 

 

 

Stocks

57,982,076

44,928,017

43,648,760

36,742,225

Trade debtors

69,300,005

63,537,610

80,851,006

68,242,058

Other debtors, deposits & prepayments

101,364

123,899

167,102

124,266

Amount due from holding company

99,350

-

-

-

Amount due from related companies

48,088,545

23,670,320

21,733,253

50,181,757

Cash & bank balances

590,202

1,423,842

1,281,504

1,475,253

Others

21,823

22,693

-

20,274

 

----------------

----------------

----------------

----------------

TOTAL CURRENT ASSETS

176,183,365

133,706,381

147,681,625

156,785,833

 

----------------

----------------

----------------

----------------

TOTAL ASSET

198,788,968

156,427,055

169,715,446

175,490,334

 

=============

=============

=============

=============

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

Trade creditors

66,407,934

37,782,088

52,269,688

75,160,824

Other creditors & accruals

3,167,931

2,897,518

4,987,458

178,725

Amounts owing to holding company

-

399,343

251,190

181,787

Amounts owing to subsidiary companies

5,675,035

5,741,223

3,751,092

3,735,967

Amounts owing to related companies

155,011,796

143,747,882

138,662,265

124,922,490

Provision for taxation

31,888

99,721

749,275

207,268

Other liabilities

-

-

-

2,855,966

 

----------------

----------------

----------------

----------------

TOTAL CURRENT LIABILITIES

230,294,584

190,667,775

200,670,968

207,243,027

 

----------------

----------------

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

(54,111,219)

(56,961,394)

(52,989,343)

(50,457,194)

 

----------------

----------------

----------------

----------------

TOTAL NET ASSETS

(31,505,616)

(34,240,720)

(30,955,522)

(31,752,693)

 

=============

=============

=============

=============

 

 

 

 

 

SHARE CAPITAL

 

 

 

 

Ordinary share capital

3,983,016

3,983,016

3,983,016

3,983,016

 

----------------

----------------

----------------

----------------

TOTAL SHARE CAPITAL

3,983,016

3,983,016

3,983,016

3,983,016

 

 

 

 

 

Capital reserve

-

-

262,740

262,740

Retained profit/(loss) carried forward

(35,488,632)

(38,223,736)

(35,201,278)

(35,998,449)

 

----------------

----------------

----------------

----------------

TOTAL RESERVES

(35,488,632)

(38,223,736)

(34,938,538)

(35,735,709)

 

 

 

 

 

 

----------------

----------------

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

(31,505,616)

(34,240,720)

(30,955,522)

(31,752,693)

 

 

 

 

 

 

----------------

----------------

----------------

----------------

 

(31,505,616)

(34,240,720)

(30,955,522)

(31,752,693)

 

=============

=============

=============

=============

 

 

 

 

 

 

 

FINANCIAL RATIO

 

ARROW ELECTRONICS ASIA (S) PTE. LTD.

 

TYPES OF FUNDS

 

 

 

 

Cash

590,202

1,423,842

1,281,504

1,475,253

Net Liquid Funds

590,202

1,423,842

1,281,504

1,475,253

Net Liquid Assets

(112,093,295)

(101,889,411)

(96,638,103)

(87,199,419)

Net Current Assets/(Liabilities)

(54,111,219)

(56,961,394)

(52,989,343)

(50,457,194)

Net Tangible Assets

(34,780,616)

(37,515,720)

(34,230,522)

(31,752,693)

Net Monetary Assets

(112,093,295)

(101,889,411)

(96,638,103)

(87,199,419)

BALANCE SHEET ITEMS

 

 

 

 

Total Borrowings

0

0

0

0

Total Liabilities

230,294,584

190,667,775

200,670,968

207,243,027

Total Assets

198,788,968

156,427,055

169,715,446

175,490,334

Net Assets

(31,505,616)

(34,240,720)

(30,955,522)

(31,752,693)

Net Assets Backing

(31,505,616)

(34,240,720)

(30,955,522)

(31,752,693)

Shareholders' Funds

(31,505,616)

(34,240,720)

(30,955,522)

(31,752,693)

Total Share Capital

3,983,016

3,983,016

3,983,016

3,983,016

Total Reserves

(35,488,632)

(38,223,736)

(34,938,538)

(35,735,709)

LIQUIDITY (Times)

 

 

 

 

Cash Ratio

0.00

0.01

0.01

0.01

Liquid Ratio

0.51

0.47

0.52

0.58

Current Ratio

0.77

0.70

0.74

0.76

WORKING CAPITAL CONTROL (Days)

 

 

 

 

Stock Ratio

46

37

32

35

Debtors Ratio

56

52

59

65

Creditors Ratio

56

33

40

75

SOLVENCY RATIOS (Times)

 

 

 

 

Gearing Ratio

0.00

0.00

0.00

0.00

Liabilities Ratio

(7.31)

(5.57)

(6.48)

(6.53)

Times Interest Earned Ratio

2.73

(1.72)

1.80

0.02

Assets Backing Ratio

(8.73)

(9.42)

(8.59)

(7.97)

PERFORMANCE RATIO (%)

 

 

 

 

Operating Profit Margin

0.60

(0.86)

0.29

(0.97)

Net Profit Margin

0.60

(0.74)

0.16

(0.94)

Return On Net Assets

(13.76)

7.10

(10.47)

(0.27)

Return On Capital Employed

(15.36)

7.85

(11.71)

(0.27)

Return On Shareholders' Funds/Equity

(8.68)

9.59

(2.58)

11.46

Dividend Pay Out Ratio (Times)

0.00

0.00

0.00

0.00

NOTES TO ACCOUNTS

 

 

 

 

Contingent Liabilities

0

0

0

0

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.17

UK Pound

1

Rs.98.85

Euro

1

Rs.77.42

 

INFORMATION DETAILS

 

Report Prepared by :

TPT

 

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.