MIRA
INFORM REPORT
|
Report Date : |
18.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
SOLARWORLD ASIA PACIFIC PTE. LTD. |
|
|
|
|
Formerly Known As : |
SHELL SOLAR PTE. LTD. |
|
|
|
|
Registered Office : |
70 Bendemeer Road #06-01 Luzerne Singapore 339940 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
06.06.1981 |
|
|
|
|
Com. Reg. No.: |
198102529K |
|
|
|
|
Legal Form : |
Limited Private Company |
|
|
|
|
Line of Business : |
Wholesale of other specific commodities |
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$1,000,000 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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
Credit Rating & Recommendation
|
Recommended Credit Line |
: |
S$1,000,000 |
SHAREHOLDER DETAILS
|
: |
SOLARWORLD AG |
|
|
SHAREHOLDER ID |
: |
T09UF0870L |
|
NATIONALITY |
: |
GERMANY |
|
ADDRESS |
: |
MARTIN-LUTHER-KING STRASSE 24, 53175 BONN GERMANY |
|
NO. OF ORD SHARES NO. OF ORD SHARES NO. OF PREF SHARES |
: |
1,000,000 3,000,000 5,443,500 |
|
% OF SHAREHOLDING |
: |
100.0% 100.0% 100.0% |
|
CURRENCY |
: |
SINGAPORE, DOLLARS U.S. DOLLAR SINGAPORE, DOLLARS |
OFFICER DETAILS
|
: |
FRANK HENN |
|
|
ADDRESS |
: |
NEUNKIRCHEN-SEELSCHE
10 NEUNKIRCHEN HUMPERDINCKSTRABE 2 |
|
POSITION |
: |
DIRECTOR |
|
DATE OF APPT |
: |
10/12/2010 |
|
NATIONALITY |
: |
GERMAN |
|
I/C PASSPORT |
: |
536336898 |
|
|
||
|
NAME |
: |
ALBERT YEO TOON
MOK |
|
ADDRESS |
: |
36 TOMLINSON
ROAD #11-40 KUM HING COURT SINGAPORE 247856 |
|
POSITION |
: |
DIRECTOR SECRETARY |
|
DATE OF APPT |
: |
01/07/2006 01/07/2006 |
|
NATIONALITY |
: |
SINGAPORE
CITIZEN |
|
I/C PASSPORT |
: |
S0000682C |
|
|
||
|
NAME |
: |
MAX SEBASTIAN VON
ROMATOWSKI |
|
ADDRESS |
: |
20 HANDY ROAD
#11-02 NOMU SINGAPORE 229236 |
|
POSITION |
: |
DIRECTOR |
|
DATE OF APPT |
: |
18/05/2009 |
|
NATIONALITY |
: |
SINGAPORE P.R. |
|
I/C PASSPORT |
: |
S7964992I |
KEY PERSONNEL PROFILE
|
FRANK HENN |
|
|
NRIC Number: |
536336898 |
|
Available Address: |
NEUNKIRCHEN-SEELSCHE 10
NEUNKIRCHEN HUMPERDINCKSTRABE 2 |
Current Business Interest
|
No. |
Name |
Position |
Appt Date |
#of Share |
% |
|
SOLARWORLD ASIA PACIFIC PTE. LTD. |
DIRECTOR |
10/12/2010 |
- |
- |
Previous Business
|
No. |
Name |
Status |
Position |
Appt Date |
Last Known
Inactive Date |
|
|
|
|
|
||
Bankruptcy Record
|
Case No. |
Year |
Date of Filing |
Petitioner Name |
Amount |
|
|
|
|
|
Litigation Search – Writ of Summons
|
Court |
Case No. |
Year |
Date of Filing |
Amount |
Cause Category |
|
|
|
|
|
|
SUBSIDIARIES AND ASSOCIATE
COMPANIES
|
Company |
Shareholdings (%) |
|
|
|
|
|
|
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.
The details are as follows:
|
Court |
: |
Supreme Court |
|
|
|
Case No. |
: |
108 |
|
|
Date of Filing |
: |
22/02/2007 |
|
|
Amount |
: |
709,077.60 |
|
|
Cause |
: |
Employment |
|
|
Case Status |
: |
PENDING |
|
|
Plaintiff |
: |
CHRISTOPHE
INGLIN |
COMPLIANCE
|
Date of Last AGM |
: |
|
|
Date of Last AR |
: |
30/06/2011 |
|
Date of A/C Laid At Last AGM |
: |
31/12/2010 |
FINANCIAL HIGHLIGHTS
|
Financial Figures |
||||||
|
|
DEC 2010 |
% Change |
DEC 2009 |
DEC 2008 |
DEC 2007 |
DEC 2006 |
|
Currency |
SGD - SIN |
|
SGD - SIN |
SGD - SIN |
SGD - SIN |
SGD - SIN |
|
Profit and Loss Key Figures |
|
|
|
|
|
|
|
31,719,777 |
73.55 |
18,277,530 |
85,085,953 |
79,599,991 |
66,640,036 |
|
|
Profit/(Loss) Before Tax |
758,266 |
NA |
(1,361,532) |
944,406 |
2,120,807 |
2,004,537 |
|
Profit After Tax attributable to
Shareholders |
758,266 |
NA |
(1,360,052) |
752,781 |
1,749,661 |
1,582,047 |
|
|
|
|
|
|
|
|
|
Balance Sheet Key Figures |
|
|
|
|
|
|
|
Total Assets |
20,840,220 |
19.98 |
17,369,081 |
15,452,358 |
39,787,930 |
43,010,256 |
|
Current Assets |
20,781,839 |
19.89 |
17,333,413 |
15,391,288 |
39,691,584 |
42,963,441 |
|
Non Current Assets |
58,381 |
63.68 |
35,668 |
61,070 |
96,346 |
46,815 |
|
|
|
|
|
|
|
|
|
Total Liabilities |
8,402,924 |
72.21 |
4,879,524 |
2,023,033 |
30,795,903 |
35,374,313 |
|
Current Liabilities |
8,185,681 |
67.76 |
4,879,524 |
2,023,033 |
30,795,903 |
35,345,012 |
|
Non Current Liabilities |
217,243 |
NA |
0 |
0 |
0 |
29,301 |
|
|
|
|
|
|
|
|
|
Shareholders' Funds |
12,437,296 |
-0.42 |
12,489,558 |
13,429,324 |
8,992,027 |
7,635,943 |
|
Share Capital |
8,808,976 |
-6.49 |
9,420,322 |
9,134,449 |
5,219,875 |
728,402 |
|
Total Reserves |
3,628,320 |
18.22 |
3,069,236 |
4,294,875 |
3,772,152 |
6,907,541 |
|
|
|
|
|
|
|
|
FINANCIAL RATIOS
|
|
|||||
|
|
DEC 2010 |
DEC 2009 |
DEC 2008 |
DEC 2007 |
DEC 2006 |
|
Growth % |
|
|
|
|
|
|
73.55 |
-78.52 |
6.89 |
19.45 |
NA |
|
|
|
|
|
|
|
|
|
Profitability |
|
|
|
|
|
|
Profit Margin (%) |
2.39 |
-7.44 |
0.88 |
2.20 |
2.37 |
|
Return on Equity (%) |
6.10 |
-10.89 |
5.61 |
19.46 |
20.72 |
|
Return on Assets (%) |
3.64 |
-7.83 |
4.87 |
4.40 |
3.68 |
|
|
|
|
|
|
|
|
Leverage |
|
|
|
|
|
|
Total Debt/Equity (Times) |
0.68 |
0.39 |
0.15 |
3.42 |
4.63 |
|
Current Debt/Equity (Times) |
0.66 |
0.39 |
0.15 |
3.42 |
4.63 |
|
Long Term Debt To Equity (Times) |
0.02 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Total Asset To Total Equity (Times) |
1.68 |
1.39 |
1.15 |
4.42 |
5.63 |
|
|
|
|
|
|
|
|
Asset Management |
|
|
|
|
|
|
Total Assets Turnover (Times) |
1.52 |
1.05 |
5.51 |
2.00 |
1.55 |
|
Fixed Assets Turnover (Times) |
543.33 |
512.43 |
1,393.25 |
826.19 |
1,423.48 |
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
Current Ratio (Times) |
2.54 |
3.55 |
7.61 |
1.29 |
1.22 |
|
|
|
|
|
|
|
FINANCIAL
COMMENTARY
Profitability
The company yielded a rate of net profit on
sales of 2.39 per cent in FY10. The company is now able to book in SINGAPORE, DOLLARS
0.02 of profit for every SINGAPORE, DOLLARS of sales.
Liquidity
Current ratio stood at 2.54 times in FY10
(FY09: 3.55 times). This means that the company has SINGAPORE, DOLLARS 2.54 of
current assets for every SINGAPORE, DOLLARS 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 0.68
times in FY10, as compared with 0.39 times in FY09. This means that the company
requires additional external financing of SINGAPORE, DOLLARS 0.68 for every
SINGAPORE, DOLLARS 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 6.10 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.
Return on assets stood at 3.64 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 1.52 times in FY10 (FY09: 1.05
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.48.89 |
|
|
1 |
Rs.77.31 |
|
Euro |
1 |
Rs.67.79 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.