MIRA INFORM REPORT

Report Date :

11.11.2011

IDENTIFICATION DETAILS

Name :	POWER-ONE PTE. LTD.
Formerly Known As :	POWER-ONE ENERGY SOLUTIONS PTE LTD
Registered Office :	51 Benoi Road Liang Huat Industrial Complex Singapore 629908
Country :	Singapore
Financials (as on) :	31.12.2009
Date of Incorporation :	09.11.1999
Com. Reg. No.:	199906997R
Legal Form :	Limited Private Company
LINE OF BUSINESS :	MANUFACTURE OF TELECOMMUNICATIONS APPARATUS (EG PBX EQUIPMENT, TELEPHONES EXCEPT CELLULAR)

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

Maximum Credit Limit :	S$197,000
Status :	Good
Payment Behaviour :	Usually Correct
Litigation :	Exists

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, 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	:	POWER-ONE PTE. LTD.
Registration No	:	199906997R
Date of Registration	:	09/11/1999
Former Name	:	1.POWEC PTE LTD Eff. date : 09/11/1999 Eff. date : 09/11/1999 2.POWER-ONE ENERGY SOLUTIONS PTE LTD Eff. date : 14/03/2002 Eff. date : 14/03/2002
Date of Change of Name	:	22/05/2003
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	51 BENOI ROAD LIANG HUAT INDUSTRIAL COMPLEX SINGAPORE 629908
Date of Change of Address	:	14/03/2008
Contact No.	:	6896 3363
Fax No.	:	6896 3353
Website	:	www.power-one.com
Registered Activities	:	MANUFACTURE OF TELECOMMUNICATIONS APPARATUS (EG PBX EQUIPMENT, TELEPHONES EXCEPT CELLULAR) DESIGN & MFG OF COMPLETE DC POWER SOLUTIONS USED IN ALL AREAS OF INDUSTRY
Issued Ordinary Capital*	:	$500,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 500,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$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	:	SAW MENG TEE & PARTNERS PAC
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 23,322,848.00 (FY2009)
Net Worth	:	SGD - SIN 3,941,245.00 (FY2009)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	1
S1000 / SME 500 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 1000
Compounded Annual Growth Rate (CAGR)	:	2.76% (4 years)

Credit Rating & Recommendation

Recommended Credit Line

:

S$197,000

SHAREHOLDER DETAILS

NAME	:	POWER-ONE INC
SHAREHOLDER ID	:	T05UF2696K
NATIONALITY	:	UNITED STATES
ADDRESS	:	740 CALLE PLANO CAMARILLO CA 93012
NO. OF ORD SHARES	:	500,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	JIANG CHIBING
ADDRESS	:	5 B ZITENG BUILDING BAOZHU GARDEN XILI NANSHAN DISTRICT SHENZHEN PRC CHINA POST CODE 518055
POSITION	:	DIRECTOR
DATE OF APPT	:	25/09/2009
NATIONALITY	:	CHINESE
I/C PASSPORT	:	G16345076
NAME	:	WONG CHENG HAN
ADDRESS	:	14 BERRIMA ROAD DUNEARN ESTATE SINGAPORE 299889
POSITION	:	SECRETARY
DATE OF APPT	:	09/11/1999
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S0145043C
NAME	:	SEAH SIEW YIAN
ADDRESS	:	433 BUKIT PANJANG RING ROAD #03-625 SINGAPORE 670433
POSITION	:	SECRETARY
DATE OF APPT	:	09/11/1999
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1670866F
NAME	:	CHENG HENG HONG
ADDRESS	:	52A CHUAN HOE AVENUE JEWEL @ CHUAN HOE SINGAPORE 549861
POSITION	:	DIRECTOR
DATE OF APPT	:	09/11/1999
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7019201B

KEY PERSONNEL PROFILE

Name:	CHENG HENG HONG
NRIC Number:	S7019201B
Available Address:	52A CHUAN HOE AVENUE JEWEL @ CHUAN HOE SINGAPORE 549861

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	EV ENERGY PTE. LTD.	DIRECTOR	06/04/2011	75	75.00
2	POWER-ONE PTE. LTD.	DIRECTOR	09/11/1999	-	-

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	POWER-ONE PTE. LTD.	LIVE COMPANY	SHAREHOLDER	-	21/02/2011

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

To date, there have been 1 litigation suits filed against Subject.

	Current Year On/After 01 Jan 2011	Past Years Bef 01 Jan 2011
Court (Claim under normal circumstances)
Magistrate (< $80,000)	0	1
District ($80,000 - $250,000)	0	0
High (>$250,000)	0	0
Winding Up Trace		No
In litigation/Dissolved/Struck Off/In receivership		No

The details are as follows:

1)	Court	:	Magistrate Court
	Case No.	:	13717
	Date of Filing	:	15/06/2007
	Amount	:	13,218.43
	Cause	:	Contract - Provisions of Services Excluding Renovation
	Case Status	:	CONCLUDED
	Plaintiff	:	KUEHNE + NAGEL PTE LTD

COMPLIANCE RECORDS

Date of Last AGM	:	30/09/2010
Date of Last AR	:	30/10/2010
Date of A/C Laid At Last AGM	:	31/12/2009

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2009	% Change	DEC 2008	DEC 2007	DEC 2006	DEC 2005
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SINGAPORE, DOLLARS
Profit and Loss Key Figures
Turnover	23,322,848	-35.53	36,178,072	31,248,890	16,552,066	20,914,972
Profit/(Loss) Before Tax	1,952,444	NA	(659,562)	(2,154,636)	(90,228)	(85,961)
Profit After Tax attributable to Shareholders	1,992,231	NA	(571,245)	(2,154,636)	(90,228)	(108,336)
Balance Sheet Key Figures
Total Assets	19,800,922	-8.39	21,613,668	18,322,128	12,732,356	13,721,798
Current Assets	19,333,705	-8.10	21,037,338	17,984,032	12,351,530	13,573,138
Non Current Assets	467,217	-18.93	576,330	338,096	380,826	148,660
Total Liabilities	15,859,676	-19.59	19,723,799	15,701,168	7,697,235	8,330,440
Current Liabilities	15,859,676	-19.59	19,723,799	15,701,168	7,697,235	8,330,440
Non Current Liabilities	0	NA	0	0	0	0
Shareholders' Funds	3,941,245	108.55	1,889,868	2,620,961	5,035,121	5,391,357
Share Capital	420,437	3.13	407,679	434,157	457,751	481,509
Total Reserves	3,520,808	137.54	1,482,189	2,186,804	4,577,370	4,909,849

FINANCIAL RATIOS

	Company
	DEC 2009	DEC 2008	DEC 2007	DEC 2006	DEC 2005
Growth %
Year-on-Year Growth	-35.53	15.77	88.79	-20.86	NA
Profitability
Profit Margin (%)	8.54	-1.58	-6.90	-0.55	-0.52
Return on Equity (%)	50.55	-30.23	-82.21	-1.79	-2.01
Return on Assets (%)	10.06	-2.64	-11.76	-0.71	-0.79
Leverage
Total Debt/Equity (Times)	4.02	10.44	5.99	1.53	1.55
Current Debt/Equity (Times)	4.02	10.44	5.99	1.53	1.55
Long Term Debt To Equity (Times)	0.00	0.00	0.00	0.00	0.00
Total Asset To Total Equity (Times)	5.02	11.44	6.99	2.53	2.55
Asset Management
Total Assets Turnover (Times)	1.18	1.67	1.71	1.30	1.52
Fixed Assets Turnover (Times)	49.92	62.77	92.43	43.46	140.69
Liquidity
Current Ratio (Times)	1.22	1.07	1.15	1.60	1.63

FINANCIAL COMMENTARY

Compound Annual Growth Rate

The company's CAGR is 2.76% (4 years).

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

Profitability

The company yielded a rate of net profit on sales of 8.54 per cent in FY09. The company is now able to book in SGD - SIN 0.09 of profit for every SGD - SIN of sales.

Liquidity

Current ratio stood at 1.22 times in FY09 (FY08: 1.07 times). This means that the company has SGD - SIN 1.22 of current assets for every SGD - SIN of current liability incurred.

FINANCIAL COMMENTARY

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 4.02 times in FY09, compared with 10.44 times in FY08. This means that the company requires additional external financing of SGD - SIN 4.02 for every SGD - SIN injected into its operations.

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

Efficiency Ratio

Return on equity was 50.55 per cent for Subject in the current financial period. The return on equity measures the return earned on the owner's investment. Generally, the higher this return, the better off the owner.

FINANCIAL COMMENTARY

Return on assets stood at 10.06 per cent. The return on asset measures the overall effectiveness of management in generating profit with its available assets.

Total assets turnover ratio logged at 1.18 times in FY09 (FY08: 1.67 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.78
UK Pound	1	Rs.80.10
Euro	1	Rs.68.82

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%)

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