MIRA INFORM REPORT

 

 

Report No. :

509840

Report Date :

21.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

AVNET ASIA PTE LTD

 

 

Registered Office :

151, Lorong Chuan, 06-03, New Tech Park, 556741

 

 

Country :

Singapore

 

 

Financials (as on) :

02.07.2016

 

 

Date of Incorporation :

18.01.1999

 

 

Com. Reg. No.:

199900292C

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

The Subject is principally engaged in trading of electronic components and electronic communications equipment.

 

 

No. of Employees :

350 [2018]

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Singapore

A1

A1

 

Risk Category

ECGC

Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors.

The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010. Growth in 2014-17 was slower than during the previous decade, at under 3% annually, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector.

The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity growth, and increasing Singaporean wages. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a member of the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.

 

Source : CIA

 

 

EXECUTIVE SUMMARY

 

REGISTRATION NO.

:

199900292C

COMPANY NAME

:

AVNET ASIA PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

18/01/1999

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

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

CONTACT PERSON

:

KWOK MAN-SING ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF ELECTRONIC COMPONENTS AND ELECTRONIC COMMUNICATIONS EQUIPMENT

ISSUED AND PAID UP CAPITAL

:

5,474,720.00 ORDINARY SHARE, OF A VALUE OF SGD 466,514,786.40
68,000,000.00 ORDINARY SHARE, OF A VALUE OF USD 68,000,000.00
242,514.00 OTHERS SHARE, OF A VALUE OF SGD 242,514,000.00

SALES

:

USD 3,702,184,000 [2016]

NET WORTH

:

USD 981,474,000 [2016]

STAFF STRENGTH

:

350 [2018]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

REGULAR

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

 

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) trading of electronic components and electronic communications equipment.

 

The immediate holding company of the Subject is MEMEC GROUP HOLDINGS LIMITED, a company incorporated in UNITED KINGDOM.

The ultimate holding company of the Subject is AVNET INCORPORATION, a company incorporated in UNITED STATES.

 

Share Capital History

Date

Issue & Paid Up Capital

27/02/2018

SGD 466,514,786.40 & USD 68,000,000.00

 

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

 

Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

MEMEC GROUP HOLDINGS LIMITED
[ORDINARY - USD 68,000,000 & SGD 5,474,720 & PREFERENCE - SGD 242,514]

AVNET HOUSE, RUTHERFORD CLOSE, MEADWAY, STEVENAGE, HERTFORDSHIRE, SG1 2EF, ENGLAND AND WALES UNITED KINGDOM

T14UF0328

73,717,234.00

100.00

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

------

73,717,234.00

100.00

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

=====

+ Also Director

 

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


Local No

Country

Company

Status

(%)

As At

198905231K

SINGAPORE

AVNET JAPAN (ASIA) LIMITED

-

100.00

27/02/2018

199501472G

SINGAPORE

AVNET TECHNOLOGY SOLUTIONS (ASEAN) PTE. LTD.

-

100.00

24/08/2016

 

 

 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MR. KWOK MAN-SING

Address

:

LAT B 2/F, BLOCK 2, BEVERLY HEIGHT, 56 CLOUD VIEW ROAD, HONG KONG

IC / PP No

:

BA828732

Nationality

:

CANADIAN

Date of Appointment

:

20/06/2013



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

199900292C

AVNET ASIA PTE LTD

Director

20/06/2013

0.00

-

USD96,204,000.00

2016

-

27/02/2018

 

DIRECTOR 2

 

Name Of Subject

:

TAN AIK HOON

Address

:

11, THOMSON HEIGHTS, HAPPY ESTATE, 574840, SINGAPORE.

IC / PP No

:

S1706184D

Nationality

:

SINGAPOREAN

Date of Appointment

:

28/04/2017



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

199900292C

AVNET ASIA PTE LTD

Director

28/04/2017

0.00

-

USD96,204,000.00

2016

-

27/02/2018

 

DIRECTOR 3

 

Name Of Subject

:

HARVEY WILLIAM WOODFORD

Address

:

16011 N 49TH PL, SCOTTSDALE AZ 85254-1047, UNITED STATES.

IC / PP No

:

466136810

Nationality

:

AMERICAN

Date of Appointment

:

11/09/2017



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

199900292C

AVNET ASIA PTE LTD

Director

11/09/2017

0.00

-

USD96,204,000.00

2016

-

27/02/2018

2

475896K

AVNET MALAYSIA SDN. BHD.

Director

23/10/2017

0.00

-

MYR414,749.00

2016

-

25/01/2018



MANAGEMENT

 

 

1)

Name of Subject

:

KWOK MAN-SING

Position

:

DIRECTOR

 

 

AUDITOR

 

Auditor

:

KPMG LLP

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

MARIAN HO WUI MEE

IC / PP No

:

S1787009B

Address

:

9, KENG CHIN ROAD, 08-04, BELLERIVE, 258711, SINGAPORE.

 

 

BANKING


No Banker found in our databank.

 

ENCUMBRANCE (S)


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

 

 

LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT


* A check has been conducted in our databank against 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

[

X

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

WORLDWIDE

Credit Term

:

AS AGREED

Payment Mode

:

TELEGRAPHIC TRANSFER (TT)

 

 

OPERATIONS

 

Goods Traded

:

ELECTRONIC COMPONENTS, AND ELECTRONIC COMMUNICATIONS EQUIPMENT

 

Total Number of Employees:

 

YEAR

2018

2017

2016

2015

2014

GROUP

N/A

N/A

N/A

N/A

N/A

COMPANY

350

350

350

350

300

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) trading of electronic components and electronic communications equipment.

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

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

It offers connectors and semiconductors, technology solutions, computer products, and embedded technology. Avnet serves customers worldwide.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-65806000

Match

:

N/A

Address Provided by Client

:

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

Current Address

:

151, LORONG CHUAN, NEW TECH PARK, 06-03, 556741, SINGAPORE.

Match

:

YES

 

Other Investigations


We contacted one of the staff from the Subject and she provided some information.

The correct company name is as per stated in the report.

The Subject refused to disclose its bankers.


FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Erratic

[

2012 - 2016

]

Profit/(Loss) Before Tax

:

Increased

[

2012 - 2016

]

Return on Shareholder Funds

:

Unfavourable

[

9.80%

]

Return on Net Assets

:

Acceptable

[

12.24%

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's management have been efficient in controlling its operating costs. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.

Working Capital Control

Stock Ratio

:

Favourable

[

32 Days

]

Debtor Ratio

:

Favourable

[

36 Days

]

Creditors Ratio

:

Favourable

[

34 Days

]

The Subject'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 Subject. 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

:

Favourable

[

1.43 Times

]

Current Ratio

:

Unfavourable

[

1.84 Times

]

A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.

Solvency

Interest Cover

:

Favourable

[

12.99 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. 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 :

Although the turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. 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 : STRONG

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators :

2012

2013

2014

2015

2016*

 

Population (Million)

5.31

5.40

5.47

5.54

5.63

Gross Domestic Products ( % )

1.3

3.7

(3.5)

3.7

4.8

Consumer Price Index

4.6

2.4

2.4

(0.5)

(0.7)

Total Imports (Million)

474,554.0

466,762.0

463,779.1

407,767.9

398,372.0

Total Exports (Million)

510,329.0

513,391.0

518,922.7

476,285.4

468,552.0

 

Unemployment Rate (%)

2.0

1.9

1.9

1.9

2.1

Tourist Arrival (Million)

14.49

15.46

15.01

15.23

16.28

Hotel Occupancy Rate (%)

86.4

86.3

85.5

85.0

-

Cellular Phone Subscriber (Million)

1.52

1.97

1.98

1.99

-

 

Registration of New Companies (No.)

31,892

37,288

41,589

34,243

35,528

Registration of New Companies (%)

(1.3)

9.8

11.5

(17.7)

3.8

Liquidation of Companies (No.)

17,218

17,369

18,767

21,384

-

Liquidation of Companies (%)

9.4

(5.3)

8.0

13.9

-

 

Registration of New Businesses (No.)

24,788

22,893

35,773

28,480

33,326

Registration of New Businesses (%)

5.51

1.70

56.30

(20.39)

17.02

Liquidation of Businesses (No.)

22,489

22,598

22,098

26,116

-

Liquidation of Businesses (%)

(2.2)

0.5

(2.2)

18.2

-

 

Bankruptcy Orders (No.)

1,748

1,992

1,757

1,776

-

Bankruptcy Orders (%)

14.5

14.0

(11.8)

1.0

-

Bankruptcy Discharges (No.)

1,881

2,584

3,546

3,499

-

Bankruptcy Discharges (%)

35.2

37.4

37.2

(1.3)

-

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

5.16

1.78

4.29

3.04

-

Fish Supply & Wholesale

(0.5)

(3.8)

(8.6)

(8.5)

(9.9)

 

Manufacturing #

Food, Beverages & Tobacco

97.9

97.9

99.4

100.0

103.7

Textiles

140.1

119.5

102.7

100.0

93.3

Wearing Apparel

395.4

334.1

212.6

100.0

80.3

Leather Products & Footwear

109.5

122.0

106.5

100.0

93.2

Wood & Wood Products

93.3

103.0

107.2

100.0

90.5

Paper & Paper Products

98.5

104.4

104.5

100.0

99.7

Printing & Media

122.8

113.8

105.968

100.0

86.9

Crude Oil Refineries

107.1

100.7

92.2

100.0

100.5

Chemical & Chemical Products

85.3

88.4

96.7

100.0

97.6

Pharmaceutical Products

103.8

101.421

109.4

100.0

115.9

Rubber & Plastic Products

113.5

109.497

109.2

100.0

87.9

Non-metallic Mineral

108.8

107.4

90.759

100.0

93.6

Basic Metals

91.5

77.2

99.3

100.0

113.1

Fabricated Metal Products

107.314

107.5

107.757

100.0

91.7

Machinery & Equipment

107.3

109.1

118.2

100.0

79.3

Electrical Machinery

80.102

87.4

97.871

100.0

99.3

Electronic Components

100.7

105.0

105.6

100.0

106.3

Transport Equipment

109.9

111.1

106.68

100.0

98.7

 

Construction

28.70

25.40

22.00

-

-

Real Estate

31.9

88.5

145.1

-

-

 

Services

Electricity, Gas & Water

6.30

6.70

6.50

-

-

Transport, Storage & Communication

5.30

9.80

14.20

-

-

Finance & Insurance

0.50

3.30

6.00

-

7.40

Government Services

6.00

6.50

6.30

-

-

Education Services

0.30

3.10

5.98

-

2.40

 

* Estimate / Preliminary

# Based on Index of Industrial Production (2015 = 100)



INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

The wholesale & retail trade sector expanded by 6.8% in the third quarter of 2015, higher than the 6.0% growth in the preceding quarter. Growth was supported by both the wholesale trade and retail trade segments. The wholesale trade segment was boosted by an increase in both domestic and foreign wholesale trade sales volume. In particular, the domestic wholesale trade index rose by 7.4%, following the 8.1 % increase in the previous quarter. The strong performance in domestic wholesale trade was due to a surge in the sales of petroleum and petroleum products (14%), chemicals & chemical products (39%) and telecommunications & computers (18%).

Similarly, the foreign wholesale trade index rose by 10% in the third quarter of 2015, accelerating from the 6.9% rise in the previous quarter. Growth was driven by improvements in the sales of petroleum & petroleum products (21%), metals, timber & construction materials (10%) and general wholesale trade (8.8%).

Overall retail trade sales volume also recorded resilient growth of 5.6% in the third quarter of 2015, extending the 6.4 % expansion in the second quarter. Growth was supported by a surge in the volume of motor vehicle sales (44%), which was in turn due to a substantial increase in the supply of Certificate of Entitlements. Excluding motor vehicles, retail sales volume increased at a much slower pace of 0.7% over the same period. The increase in retail sales volume (excluding motor vehicles) was due to improved non-discretionary goods sales. For instance, the sales of medical goods & toiletries and department store goods rose by 8.1% and 3.6% respectively.

According to the Retail News Asia, Food and beverage has overtaken fashion as the primary driver of demand for retail real estate in Singapore. Despite declining retail sales and consumer spending, the prime retail sector remained in good shape during the third quarter 2015.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1999, the Subject is a Private Limited company, focusing on trading of electronic components and electronic communications equipment. 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. With a large issued and paid up capital of SGD 466,514,786.40 & USD 68,000,000 and strong backing from its holding company, the Subject enjoys timely financial assistance should the needs arise. These favourable conditions has minimised its risk in the industry compared to other players.

Over the years, 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 350 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.

Despite the lower turnover, the Subject's pre-tax profit have increased compared to the previous year. The higher profit could be due to better control of its operating costs and efficiency in utilising its resources. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject 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 Subject 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 981,474,000, the Subject should be able to maintain its business in the near terms.

The Subject'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 Subject has a good control over its resources.

The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.

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

Based on the above condition, we recommend credit be granted to the Subject promptly.

 

PROFIT AND LOSS ACCOUNT

 

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

AVNET ASIA PTE LTD

 

Financial Year End

2016-07-02

2015-06-27

2014-06-27

2013-06-28

2012-06-29

Months

12

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

USD

TURNOVER

3,702,184,000

4,231,270,000

3,427,549,000

3,022,102,000

2,717,905,000

Other Income

31,686,000

9,661,000

13,854,000

12,338,000

11,835,000

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

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

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

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

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

Total Turnover

3,733,870,000

4,240,931,000

3,441,403,000

3,034,440,000

2,729,740,000

Costs of Goods Sold

(3,473,626,000)

(3,994,482,000)

(3,219,420,000)

(2,827,918,000)

(2,527,773,000)

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

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

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

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

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

Gross Profit

260,244,000

246,449,000

221,983,000

206,522,000

201,967,000

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

110,942,000

96,896,000

68,133,000

69,234,000

108,102,000

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

110,942,000

96,896,000

68,133,000

69,234,000

108,102,000

Taxation

(14,738,000)

(10,709,000)

(9,234,000)

(10,191,000)

(9,503,000)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

96,204,000

86,187,000

58,899,000

59,043,000

98,599,000

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

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

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

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

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

PROFIT/(LOSS) BEFORE EXTRAORDINARY ITEMS

96,204,000

86,187,000

58,899,000

59,043,000

98,599,000

Extraordinary items

-

-

-

-

(6,620,000)

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

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

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

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

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

PROFIT/(LOSS) ATTRIBUTABLE TO SHAREHOLDERS

96,204,000

86,187,000

58,899,000

59,043,000

91,979,000

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

377,232,000

291,045,000

232,146,000

173,103,000

74,504,000

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

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

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

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

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

As restated

377,232,000

291,045,000

232,146,000

173,103,000

74,504,000

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

473,436,000

377,232,000

291,045,000

232,146,000

166,483,000

TRANSFER TO RESERVES - General

-

-

-

-

6,620,000

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

473,436,000

377,232,000

291,045,000

232,146,000

173,103,000

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Loan from subsidiary companies

1,467,000

465,000

-

-

-

Others

7,785,000

8,884,000

8,439,000

7,248,000

(8,175,000)

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

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

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

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

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

9,252,000

9,349,000

8,439,000

7,248,000

(8,175,000)

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

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

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

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

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

DEPRECIATION (as per notes to P&L)

1,514,000

1,431,000

2,198,000

2,714,000

2,126,000

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

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

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

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

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

Total Amortization And Depreciation

1,514,000

1,431,000

2,198,000

2,714,000

2,126,000

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

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

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

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

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

 

 

 

 

 

 

 

 

BALANCE SHEET

 

AVNET ASIA PTE LTD

 

ASSETS EMPLOYED:

FIXED ASSETS

3,040,000

3,286,000

2,491,000

4,119,000

6,038,000

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

314,310,000

314,499,000

314,345,000

314,345,000

315,292,000

Deferred assets

2,063,000

2,397,000

1,759,000

429,000

878,000

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

316,373,000

316,896,000

316,104,000

314,774,000

316,170,000

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

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

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

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

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

TOTAL LONG TERM ASSETS

319,413,000

320,182,000

318,595,000

318,893,000

322,208,000

CURRENT ASSETS

Stocks

325,984,000

301,492,000

280,066,000

265,766,000

301,619,000

Trade debtors

365,201,000

578,725,000

383,511,000

363,113,000

311,309,000

Other debtors, deposits & prepayments

30,236,000

14,626,000

13,775,000

14,916,000

23,942,000

Amount due from related companies

567,923,000

689,347,000

246,335,000

214,855,000

239,485,000

Cash & bank balances

163,697,000

9,874,000

122,964,000

125,987,000

72,982,000

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

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

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

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

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

TOTAL CURRENT ASSETS

1,453,041,000

1,594,064,000

1,046,651,000

984,637,000

949,337,000

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

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

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

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

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

TOTAL ASSET

1,772,454,000

1,914,246,000

1,365,246,000

1,303,530,000

1,271,545,000

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

323,543,000

532,600,000

397,226,000

344,957,000

310,720,000

Other creditors & accruals

50,084,000

56,066,000

42,388,000

45,921,000

30,749,000

Short term borrowings/Term loans

-

-

11,770,000

11,770,000

-

Amounts owing to related companies

407,020,000

420,798,000

92,882,000

140,160,000

227,852,000

Provision for taxation

9,740,000

9,485,000

8,125,000

7,224,000

7,172,000

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

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

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

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

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

TOTAL CURRENT LIABILITIES

790,387,000

1,018,949,000

552,391,000

550,032,000

576,493,000

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

662,654,000

575,115,000

494,260,000

434,605,000

372,844,000

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

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

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

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

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

LONG TERM LIABILITIES

Deferred taxation

593,000

313,000

-

-

-

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

593,000

313,000

-

-

-

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

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

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

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

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

TOTAL NET ASSETS

982,067,000

895,297,000

812,855,000

753,498,000

695,052,000

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

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

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

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

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

FINANCED BY:

SHARE CAPITAL

Ordinary share capital

507,321,000

507,321,000

507,321,000

507,321,000

507,321,000

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

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

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

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

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

TOTAL SHARE CAPITAL

507,321,000

507,321,000

507,321,000

507,321,000

507,321,000

RESERVES

Exchange equalisation/fluctuation reserve

717,000

10,431,000

14,489,000

14,031,000

14,628,000

Retained profit/(loss) carried forward

473,436,000

377,232,000

291,045,000

232,146,000

173,103,000

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

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

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

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

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

TOTAL RESERVES

474,153,000

387,663,000

305,534,000

246,177,000

187,731,000

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

981,474,000

894,984,000

812,855,000

753,498,000

695,052,000

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

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

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

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

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

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

AVNET ASIA PTE LTD

 

TYPES OF FUNDS

Cash

163,697,000

9,874,000

122,964,000

125,987,000

72,982,000

Net Liquid Funds

163,697,000

9,874,000

122,964,000

125,987,000

72,982,000

Net Liquid Assets

336,670,000

273,623,000

214,194,000

168,839,000

71,225,000

Net Current Assets/(Liabilities)

662,654,000

575,115,000

494,260,000

434,605,000

372,844,000

Net Tangible Assets

982,067,000

895,297,000

812,855,000

753,498,000

695,052,000

Net Monetary Assets

336,077,000

273,310,000

214,194,000

168,839,000

71,225,000

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

120,194,000

106,245,000

76,572,000

76,482,000

99,927,000

Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)

121,708,000

107,676,000

78,770,000

79,196,000

102,053,000

BALANCE SHEET ITEMS

Total Borrowings

0

0

11,770,000

11,770,000

0

Total Liabilities

790,980,000

1,019,262,000

552,391,000

550,032,000

576,493,000

Total Assets

1,772,454,000

1,914,246,000

1,365,246,000

1,303,530,000

1,271,545,000

Net Assets

982,067,000

895,297,000

812,855,000

753,498,000

695,052,000

Net Assets Backing

981,474,000

894,984,000

812,855,000

753,498,000

695,052,000

Shareholders' Funds

981,474,000

894,984,000

812,855,000

753,498,000

695,052,000

Total Share Capital

507,321,000

507,321,000

507,321,000

507,321,000

507,321,000

Total Reserves

474,153,000

387,663,000

305,534,000

246,177,000

187,731,000

GROWTH RATIOS (Year on Year) (%)

Revenue

(12.50)

23.45

13.42

11.19

(8.37)

Proft/(Loss) Before Tax

14.50

42.22

(1.59)

(35.95)

68.04

Proft/(Loss) After Tax

11.62

46.33

(0.24)

(40.12)

78.10

Total Assets

(7.41)

40.21

4.73

2.52

8.58

Total Liabilities

(22.40)

84.52

0.43

(4.59)

1.50

LIQUIDITY (Times)

Cash Ratio

0.21

0.01

0.22

0.23

0.13

Liquid Ratio

1.43

1.27

1.39

1.31

1.12

Current Ratio

1.84

1.56

1.89

1.79

1.65

WORKING CAPITAL CONTROL (Days)

Stock Ratio

32

26

30

32

41

Debtors Ratio

36

50

41

44

42

Creditors Ratio

34

49

45

45

45

SOLVENCY RATIOS (Times)

Gearing Ratio

0

0

0.01

0.02

0

Liabilities Ratio

0.81

1.14

0.68

0.73

0.83

Times Interest Earned Ratio

12.99

11.36

9.07

10.55

(12.22)

Assets Backing Ratio

1.94

1.76

1.60

1.49

1.37

PERFORMANCE RATIO (%)

Operating Profit Margin

3.00

2.29

1.99

2.29

3.98

Net Profit Margin

2.60

2.04

1.72

1.95

3.63

Return On Net Assets

12.24

11.87

9.42

10.15

14.38

Return On Capital Employed

12.24

11.87

9.42

10.15

14.38

Return On Shareholders' Funds/Equity

9.80

9.63

7.25

7.84

14.19

Dividend Pay Out Ratio (Times)

0

0

0

0

0

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0




 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.96

UK Pound

1

INR 91.88

Euro

1

INR 80.28

SGD

1

INR 50.68 

 

Note: Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

NIT

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.