MIRA
INFORM REPORT
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Report Date : |
18.04.2013 |
IDENTIFICATION DETAILS
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Name : |
REC MODULES PTE. LTD. |
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Registered Office : |
20 Tuas South Avenue 14 Singapore 637312 |
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Country : |
Singapore |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
19.12.2007 |
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Com. Reg. No.: |
200723409E |
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Legal Form : |
Limited Private Company |
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Line of Business : |
· Industrial Design Activities · Solar Energy Integrated Manufacturing |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Singapore |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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. Real GDP growth averaged 8.6% between 2004 and 2007. The
economy contracted 0.8% in 2009 as a result of the global financial crisis, but
rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to
5.2% in 2011 and 1.3% in 2012, 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,
which has sunk to an average of about 1.0% in the last decade. 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
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Company Name: |
Registered Number: |
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REC MODULES PTE. LTD. |
200723409E |
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Date Incorporated: |
Registered Office: |
Telephone Number: |
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19/12/2007 |
20 TUAS SOUTH AVENUE 14 SINGAPORE 637312 |
6495 9228 |
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Age of Company: |
Website: |
Industry Type: |
|
6 |
www.recgroup.com |
MANUFACTURING |
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Risk Dashboard |
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Days Beyond Terms |
Trend: |
No. of Litigation Counts: |
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Company DTC: |
NA |
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61 |
|||
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Worse off than last month; last month the
entity took 50 days to pay |
No. of Charges(s): |
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Industry DTC |
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123 |
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Directors |
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Corporate Structure |
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Number of Current Directors |
3 |
Holding Company: |
REC SOLAR AS |
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Number that are shareholders |
1 |
No. of Subsidiaries & Associated Companies: |
NA |
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EXECUTIVE SUMMARY
SHAREHOLDER DETAILS
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: |
REC SOLAR AS |
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SHAREHOLDER ID |
: |
T07UF4122F |
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NATIONALITY |
: |
NA |
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ADDRESS |
: |
KJORBOVEIEN 29, 1337 SANDVIKA, NORWAY |
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NO. OF ORD SHARES |
: |
667,500,000 |
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% OF SHAREHOLDING |
: |
100% |
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CURRENCY |
: |
SINGAPORE, DOLLARS |
OFFICER DETAILS
|
: |
OLE ENGER |
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ADDRESS |
: |
RIDDERVOLDSGATE
3, 0258 OSLO, NORWAY |
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POSITION |
: |
DIRECTOR |
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DATE OF APPT |
: |
13/03/2012 |
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NATIONALITY |
: |
NORWEGIAN |
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I/C PASSPORT |
: |
27569306 |
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NAME |
: |
OYVIND HASAAS |
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ADDRESS |
: |
59 COVE WAY
#05-17 SEASCAPE SINGAPORE 098309 |
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POSITION |
: |
DIRECTOR |
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DATE OF APPT |
: |
19/12/2007 |
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NATIONALITY |
: |
NORWEGIAN |
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I/C PASSPORT |
: |
G6199977P |
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NAME |
: |
GERALD BALENDRAN
SINGHAM |
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ADDRESS |
: |
100 CLEMENCEAU
AVENUE NORTH #14-111 CAVENAGH HOUSE SINGAPORE 229491 |
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POSITION |
: |
DIRECTOR SECRETARY |
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DATE OF APPT |
: |
19/12/2007 04/02/2008 |
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NATIONALITY |
: |
SINGAPORE
CITIZEN |
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I/C PASSPORT |
: |
S1503623J |
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NAME |
: |
AU YAN SHUK SHAN
MARIA |
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ADDRESS |
: |
5 JALAN RUMBIA
#11-07 IMPERIAL, THE SINGAPORE 239618 |
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POSITION |
: |
SECRETARY |
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DATE OF APPT |
: |
01/12/2009 |
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NATIONALITY |
: |
SINGAPORE
CITIZEN |
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I/C PASSPORT |
: |
S2570131C |
KEY PERSONNEL PROFILE
|
OYVIND HASAAS |
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NRIC Number: |
G6199977P |
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Available Address: |
59 COVE WAY #05-17
SEASCAPE SINGAPORE 98309 |
Current Business Interest
|
No. |
Name |
Position |
Appt Date |
#of Share |
% |
|
REC CELLS PTE. LTD. |
DIRECTOR |
19/12/2007 |
- |
NA |
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2 |
REC MODULES PTE. LTD. |
DIRECTOR |
19/12/2007 |
- |
NA |
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3 |
REC SITE SERVICES PTE. LTD. |
DIRECTOR |
19/12/2007 |
- |
NA |
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4 |
REC WAFER PTE. LTD. |
DIRECTOR |
23/11/2009 |
- |
NA |
Previous Business
|
No. |
Name |
Status |
Position |
Appt Date |
Last Known Inactive Date |
|
REC WAFER PTE. LTD. |
LIVE COMPANY |
DIRECTOR |
19/12/2007 |
19/03/2013 |
Bankruptcy Record
|
Case No. |
Year |
Date of Filing |
Petitioner Name |
Amount |
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Litigation Search – Writ of Summons
|
Court |
Case No. |
Transfer |
Year |
Date of Filing |
Amount |
Cause Category |
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SUBSIDIARIES AND ASSOCIATE
COMPANIES
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Company |
Shareholdings (%) |
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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
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Date of Last AGM |
: |
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Date of Last AR |
: |
03/07/2012 |
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Date of A/C Laid At Last AGM |
: |
31/12/2011 |
COMPLIANCE RATING FOR ANNUAL FILING
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ANNUAL GENERAL MEETING, ANNUAL RETURN AND
ACCOUNTS UP-TO-DATE |
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Note:
Provided by ACRA (Accounting and Corporate Regulatory Authority), the
Compliance Rating for Annual Filing measures a company’s compliance with the
provisions under S175, S197 or S201 of the Companies Act, Cap. 50.
Applicable to all “Live” locally incorporated companies except for the
Limited Partnerships, Limited Liability Partnerships, Business Entities,
Foreign Companies and Public Accounting Firms, the rating provide information
on whether a company is up-to-date with the holding of its Annual General
Meeting (AGM) with up-to-date financial statements and filing of its Annual
Return (AR).
For more information: www.acra.gov.sg/compliance
FINANCIAL HIGHLIGHTS
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Financial Figures |
|||||
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DEC 2011 |
% Change |
DEC 2010 |
DEC 2009 |
DEC 2008 |
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Currency |
SGD - SIN |
|
SGD - SIN |
SGD - SIN |
SGD - SIN |
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Profit and Loss Key Figures |
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1,131,366,588 |
55.60 |
727,116,319 |
5,688,646 |
0 |
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Profit/(Loss) Before Tax |
(217,859,312) |
NA |
(34,216,330) |
(12,359,490) |
(693,649) |
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Profit After Tax attributable to
Shareholders |
(217,301,257) |
NA |
(36,836,475) |
(12,393,918) |
(693,649) |
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Balance Sheet Key Figures |
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Total Assets |
713,217,942 |
-12.70 |
816,975,266 |
328,511,733 |
169,296,262 |
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Current Assets |
418,745,310 |
-16.63 |
502,292,062 |
61,495,705 |
110,625,611 |
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Non Current Assets |
294,472,632 |
-6.42 |
314,683,204 |
267,016,028 |
58,670,651 |
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Total Liabilities |
359,740,576 |
-17.21 |
434,518,479 |
52,032,180 |
29,704,022 |
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Current Liabilities |
336,232,043 |
-7.24 |
362,468,977 |
47,056,386 |
29,704,022 |
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Non Current Liabilities |
23,508,533 |
-67.37 |
72,049,502 |
4,975,794 |
0 |
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Shareholders' Funds |
353,477,366 |
-7.58 |
382,456,787 |
276,479,553 |
139,592,239 |
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Share Capital |
618,058,923 |
43.44 |
430,869,311 |
289,547,846 |
140,285,889 |
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Total Reserves |
(264,581,557) |
NA |
(48,412,524) |
(13,068,293) |
(693,650) |
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FINANCIAL RATIOS
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DEC 2011 |
DEC 2010 |
DEC 2009 |
DEC 2008 |
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Growth % |
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|
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|
55.60 |
12,681.89 |
NA |
NA |
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Profitability |
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Profit Margin (%) |
-19.21 |
-5.07 |
-217.87 |
0.00 |
|
Return on Equity (%) |
-61.48 |
-9.63 |
-4.48 |
-0.50 |
|
Return on Assets (%) |
-30.47 |
-4.51 |
-3.77 |
-0.41 |
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Leverage |
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Total Debt/Equity (Times) |
1.02 |
1.14 |
0.19 |
0.21 |
|
Current Debt/Equity (Times) |
0.95 |
0.95 |
0.17 |
0.21 |
|
Long Term Debt To Equity (Times) |
0.07 |
0.19 |
0.02 |
0.00 |
|
Total Asset To Total Equity (Times) |
2.02 |
2.14 |
1.19 |
1.21 |
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Asset Management |
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Total Assets Turnover (Times) |
1.59 |
0.89 |
0.02 |
0.00 |
|
Fixed Assets Turnover (Times) |
3.84 |
2.31 |
0.02 |
0.00 |
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Liquidity |
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|
|
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Current Ratio (Times) |
1.25 |
1.39 |
1.31 |
3.72 |
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FINANCIAL
COMMENTARY
Profitability
We are unable to comment on Subject's
profitability.
Liquidity
Current ratio stood at 1.25 times in FY11
(FY10: 1.39 times). This means that the company has SGD - SIN 1.25 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.
FINANCIAL COMMENTARY
Leverage
Total debt-to-equity ratio notched 1.02
times in FY11, compared with 1.14 times in FY10. This means that the company
requires additional external financing of SGD - SIN 1.02 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
We are unable to comment on Subject's return on equity.
We are unable to comment on Subject's return on assets.
Total assets turnover ratio logged at 1.59 times in FY11 (FY10: 0.89
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.53.94 |
|
|
1 |
Rs.82.76 |
|
Euro |
1 |
Rs.71.04 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.