MIRA INFORM REPORT

Report Date :

02.11.2011

IDENTIFICATION DETAILS

Name :	REC MODULES PTE. LTD.
Registered Office :	20 Tuas South Avenue 14 Singapore 637312
Country :	Singapore
Financials (as on) :	31.12.2009
Date of Incorporation :	19.12.2007
Com. Reg. No.:	200723409E
Legal Form :	Limited Private Company
Line of Business :	Industrial Design Activities

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 :	Unknown
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^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Singapore	a1	a1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Executive Summary

Company Name	:	REC MODULES PTE. LTD.
Registration No	:	200723409E
Date of Registration	:	19/12/2007
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	20 TUAS SOUTH AVENUE 14 SINGAPORE 637312
Date of Change of Address	:	01/12/2009
Contact No.	:	NA
Fax No.	:	NA
Website	:	NA
Registered Activities	:	INDUSTRIAL DESIGN ACTIVITIES NEC SOLAR ENERGY INTEGRATED MANUFACTURING
Issued Ordinary Capital*	:	$467,500,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 467,500,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$467,500,000.00 SINGAPORE, DOLLARS
Paid-Up Preference Capital	:	NA
* Number of Shares includes number of Issued Treasury Shares
Issued Treasury Capital	:	NA
Paid-Up Treasury Capital	:	NA
No. of Local Subsidiaries	:	NA
No. of Local Associates	:	NA
Auditor	:	KPMG LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 5,688,646.00 (FY2009)
Net Worth	:	SGD - SIN 276,479,553.00 (FY2009)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	NA
S1000 / SME 500 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 500
Compounded Annual Growth Rate (CAGR)	:	NA

Credit Recommendation

Recommended Credit Line

:

No Recommendation

SHAREHOLDER DETAILS

NAME	:	REC SOLAR AS
SHAREHOLDER ID	:	T07UF4122F
NATIONALITY	:	NA
ADDRESS	:	KJORBOVEIEN 29, 1337 SANDVIKA, NORWAY
NO. OF ORD SHARES	:	467,500,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	JOHN ANDERSEN
ADDRESS	:	STAVERBAKKEN 14, 1341 SLEPENDEN, NORWAY
POSITION	:	DIRECTOR
DATE OF APPT	:	19/12/2007
NATIONALITY	:	NORWEGIAN
I/C PASSPORT	:	20667043
NAME	:	ODD STROMSNES
ADDRESS	:	KONGLEFARET 22, N-1359 EIKSMARKA, NORWAY
POSITION	:	DIRECTOR
DATE OF APPT	:	18/08/2008
NATIONALITY	:	NORWEGIAN
I/C PASSPORT	:	21022470
NAME	:	GISLE BJORNSTAD
ADDRESS	:	RUNDTOM 18, 1385 ASKER, NORWAY
POSITION	:	DIRECTOR
DATE OF APPT	:	25/08/2010
NATIONALITY	:	NORWEGIAN
I/C PASSPORT	:	26938623
NAME	:	OYVIND HASAAS
ADDRESS	:	11 NATHAN ROAD #14-04 REGENCY PARK SINGAPORE 248732
POSITION	:	DIRECTOR
DATE OF APPT	:	19/12/2007
NATIONALITY	:	NORWEGIAN
I/C PASSPORT	:	G6199977P
NAME	:	GERALD BALENDRAN SINGHAM
ADDRESS	:	100 CLEMENCEAU AVENUE NORTH #14-111 CAVENAGH HOUSE SINGAPORE 229491
POSITION	:	DIRECTOR SECRETARY
DATE OF APPT	:	19/12/2007 04/02/2008
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1503623J
NAME	:	AU YAN SHUK SHAN MARIA
ADDRESS	:	5 JALAN RUMBIA #11-07 IMPERIAL, THE SINGAPORE 239618
POSITION	:	SECRETARY
DATE OF APPT	:	01/12/2009
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S2570131C

KEY PERSONNEL PROFILE

Name:	JOHN ANDERSEN
NRIC Number:	20667043
Available Address:	STAVERBAKKEN 14, 1341 SLEPENDEN, NORWAY

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	REC CELLS PTE. LTD.	DIRECTOR	19/12/2007	-	-
2	REC MODULES PTE. LTD.	DIRECTOR	19/12/2007	-	-
3	REC SITE SERVICES PTE. LTD.	DIRECTOR	25/08/2010	-	-
4	REC WAFER PTE. LTD.	DIRECTOR	25/08/2010	-	-

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
No Trace

Bankruptcy Record

Case No.	Year	Date of Filing	Petitioner Name	Amount
No Trace

Litigation Search – Writ of Summons

Court	Case No.	Year	Date of Filing	Amount	Cause Category
No Trace

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)
NA

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

LITIGATION

Clear

COMPLIANCE RECORDS

Date of Last AGM	:	14/06/2010
Date of Last AR	:	02/07/2010
Date of A/C Laid At Last AGM	:	31/12/2009

FINANCIAL HIGHLIGHTS

Note: the Latest financials of the company are not available.

Financial Figures	Company
	DEC 2009	% Change	DEC 2008
Currency	SGD - SIN		SGD - SIN
Profit and Loss Key Figures
Turnover	5,688,646	NA	0
Profit/(Loss) Before Tax	(12,359,490)	NA	(693,649)
Profit After Tax attributable to Shareholders	(12,393,918)	NA	(693,649)
Balance Sheet Key Figures
Total Assets	328,511,733	94.05	169,296,262
Current Assets	61,495,705	-44.41	110,625,611
Non Current Assets	267,016,028	355.11	58,670,651
Total Liabilities	52,032,180	75.17	29,704,022
Current Liabilities	47,056,386	58.42	29,704,022
Non Current Liabilities	4,975,794	NA	0
Shareholders' Funds	276,479,553	98.06	139,592,239
Share Capital	289,547,846	106.40	140,285,889
Total Reserves	(13,068,293)	NA	(693,650)

FINANCIAL RATIOS

	Company
	DEC 2009	DEC 2008
Growth %
Year-on-Year Growth	NA	NA
Profitability
Profit Margin (%)	NA	NA
Return on Equity (%)	NA	NA
Return on Assets (%)	NA	NA
Leverage
Total Debt/Equity (Times)	0.19	0.21
Current Debt/Equity (Times)	0.17	0.21
Long Term Debt To Equity (Times)	0.02	NA
Total Asset To Total Equity (Times)	1.19	1.21
Asset Management
Total Assets Turnover (Times)	0.02	NA
Fixed Assets Turnover (Times)	0.02	NA
Liquidity
Current Ratio (Times)	1.31	3.72

FINANCIAL COMMENTARY

Profitability

We are unable to comment on Subject's profitability as Subject posted losses for the financial year end under review.

Liquidity

Current ratio stood at 1.31 times in FY09 (FY08: 3.72 times). This means that the company has SGD - SIN 1.31 of current assets for every SGD - SIN of current liability incurred.

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

Leverage

Total debt-to-equity ratio notched 0.19 times in FY09, as compared with 0.21 times in FY08. This means that the company requires additional external financing of SGD - SIN 0.19 for every SGD - SIN injected into its operations.

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

Efficiency Ratio

We are unable to comment on Subject's return on equity as Subject posted losses for the financial year end under review.

We are unable to comment on Subject's return on assets as Subject posted losses for the financial year end under review.

Total assets turnover ratio logged at 0.02 times in FY09. This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.08
UK Pound	1	Rs.78.78
Euro	1	Rs.67.76

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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.