MIRA INFORM REPORT
|
Report Date : |
17.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
RENESOLA SINGAPORE PTE. LTD |
|
|
|
|
Registered Office : |
48 Toh Guan Road East #02-103 Enterprise Hub Singapore
608586 |
|
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|
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Country : |
Singapore |
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|
|
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Financials (as on) : |
December 2011 |
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Date of Incorporation : |
28.03.2007 |
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|
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Com. Reg. No.: |
200705147G |
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Legal Form : |
Limited Private Company |
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Line of Business : |
General wholesale trade (including general importers and exporters) Purchasing centre for procurement of raw materials |
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|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but Correct |
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|
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
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Source : CIA |
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Company Name: |
Registered Number: |
|
RENESOLA SINGAPORE PTE. LTD. |
200705147G |
|
Date Incorporated: |
Registered Office: |
Telephone Number: |
|
28/03/2007 |
48 TOH GUAN ROAD EAST #02-103 ENTERPRISE HUB SINGAPORE 608586 |
6795 9512 |
|
Age of Company: |
Website: |
Industry Type: |
|
6 |
NA |
COMMERCE-WHOLESALE |
|
Risk Dashboard |
||
|
Days Beyond
Terms |
Trend: |
No. of
Litigation Counts: |
|
Company DTC: |
NA |
|
|
11 |
||
|
Payment pattern
as per previous month |
No. of
Charges(s): |
|
|
Industry DTC |
|
|
|
36 |
||
|
Directors |
|
Corporate
Structure |
||
|
Number of
Current Directors |
3 |
Holding Company: |
RENESOLA LTD. |
|
|
Number that are
shareholders |
1 |
No. of
Subsidiaries & Associated Companies: |
NA |
|
EXECUTIVE SUMMARY
SHAREHOLDER DETAILS
|
: |
RENESOLA LTD. |
|
|
SHAREHOLDER ID |
: |
T07UF1534E |
|
NATIONALITY |
: |
NA |
|
ADDRESS |
: |
CRAIGMUIR CHAMBERS P.O. BOX 71, ROAD TOWN, TORTOLA, BRITISH VIRGIN
ISLANDS. |
|
NO. OF ORD SHARES |
: |
4,600,000 |
|
% OF SHAREHOLDING |
: |
100% |
|
CURRENCY |
: |
SINGAPORE, DOLLARS |
OFFICER DETAILS
|
: |
LI
XIANSHOU |
|
|
ADDRESS |
: |
F-15
MANPO INTL. PLAZA NO. 500 WEST YAN'AN ROAD CHANGNING DISTRICT SHANGHAI CHINA
200050 |
|
POSITION |
: |
DIRECTOR |
|
DATE OF APPT |
: |
28/03/2007 |
|
NATIONALITY |
: |
CHINESE |
|
I/C PASSPORT |
: |
G36131428 |
|
|
||
|
NAME |
: |
WANG
CHENG |
|
ADDRESS |
: |
NO.
82 3800 DUSHI ROAD MINGHANG DISTRICT SHANGHAI CHINA |
|
POSITION |
: |
DIRECTOR |
|
DATE OF APPT |
: |
20/09/2012 |
|
NATIONALITY |
: |
CHINESE |
|
I/C PASSPORT |
: |
G45385766 |
|
|
||
|
NAME |
: |
TEO
HUI YONG |
|
ADDRESS |
: |
28 KIM
TIAN ROAD #35-08 TWIN REGENCY SINGAPORE 169278 |
|
POSITION |
: |
DIRECTOR SECRETARY |
|
DATE OF APPT |
: |
28/03/2007 08/10/2007 |
|
NATIONALITY |
: |
SINGAPORE
CITIZEN |
|
I/C PASSPORT |
: |
S0214050J |
KEY PERSONNEL PROFILE
|
LI XIANSHOU |
|
|
NRIC Number: |
G36131428 |
|
Available Address: |
F-15 MANPO INTL. PLAZA NO. 500
WEST YAN'AN ROAD CHANGNING DISTRICT SHANGHAI CHINA 200050 |
Current Business Interest
|
No. |
Name |
Position |
Appt Date |
#of Share |
% |
|
RENESOLA SINGAPORE PTE. LTD. |
DIRECTOR |
28/03/2007 |
- |
NA |
Previous Business
|
No. |
Name |
Status |
Position |
Appt Date |
Last Known Inactive Date |
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Bankruptcy Record
|
Case
No. |
Year |
Date
of Filing |
Petitioner
Name |
Amount |
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|
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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
|
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
|
Date of Last AGM |
: |
|
|
Date of Last AR |
: |
13/07/2012 |
|
Date of A/C Laid At Last AGM |
: |
31/12/2011 |
COMPLIANCE RATING FOR ANNUAL FILING
|
ANNUAL GENERAL MEETING,ANNUAL RETURN AND
ACCOUNTS UP-TO-DATE |
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
|
Financial Figures |
||||||
|
|
DEC 2011 |
% Change |
DEC 2010 |
DEC 2009 |
DEC 2008 |
DEC 2007 |
|
Currency |
SGD - SIN |
|
SGD - SIN |
SGD - SIN |
SGD - SIN |
SGD - SIN |
|
Profit and Loss Key
Figures |
|
|
|
|
|
|
|
352,464,702 |
-12.82 |
404,317,874 |
303,147,337 |
469,471,286 |
16,540,080 |
|
|
Profit/(Loss) Before
Tax |
(1,289,094) |
NA |
(14,805,257) |
278,914 |
(588,893) |
727,398 |
|
Profit After Tax attributable to Shareholders |
(2,023,032) |
NA |
(15,376,365) |
23,281 |
(560,158) |
678,151 |
|
|
|
|
|
|
|
|
|
Balance Sheet Key
Figures |
|
|
|
|
|
|
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Total Assets |
333,713,734 |
7.66 |
309,955,730 |
206,553,184 |
228,070,262 |
23,197,253 |
|
Current Assets |
333,701,527 |
9.27 |
305,380,623 |
188,321,518 |
197,818,715 |
22,476,106 |
|
Non Current Assets |
12,207 |
-99.73 |
4,575,107 |
18,231,666 |
30,251,547 |
721,147 |
|
|
|
|
|
|
|
|
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Total Liabilities |
249,411,352 |
13.21 |
220,302,776 |
100,386,589 |
115,129,536 |
20,291,746 |
|
Current Liabilities |
249,411,352 |
13.21 |
220,302,776 |
100,386,589 |
115,129,536 |
20,291,746 |
|
Non Current Liabilities |
0 |
NA |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
|
Shareholders' Funds |
84,302,383 |
-5.97 |
89,652,954 |
106,166,594 |
112,940,726 |
2,905,507 |
|
Share Capital |
100,421,333 |
-7.74 |
108,844,102 |
116,393,640 |
112,861,516 |
2,227,356 |
|
Total Reserves |
(16,118,950) |
NA |
(19,191,148) |
(10,227,046) |
79,210 |
678,151 |
FINANCIAL RATIOS
|
|
|||||
|
|
DEC
2011 |
DEC
2010 |
DEC
2009 |
DEC
2008 |
DEC
2007 |
|
Growth % |
|
|
|
|
|
|
-12.82 |
33.37 |
-35.43 |
2,738.39 |
NA |
|
|
|
|
|
|
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|
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Profitability |
|
|
|
|
|
|
Profit Margin (%) |
-0.57 |
-3.80 |
0.01 |
-0.12 |
4.10 |
|
Return on Equity (%) |
-2.40 |
-17.15 |
0.02 |
-0.50 |
23.34 |
|
Return on Assets (%) |
-0.61 |
-4.96 |
0.01 |
-0.25 |
2.92 |
|
|
|
|
|
|
|
|
Leverage |
|
|
|
|
|
|
Total Debt/Equity (Times) |
2.96 |
2.46 |
0.95 |
1.02 |
6.98 |
|
Current Debt/Equity (Times) |
2.96 |
2.46 |
0.95 |
1.02 |
6.98 |
|
Long Term Debt To Equity (Times) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Total Asset To Total Equity (Times) |
3.96 |
3.46 |
1.95 |
2.02 |
7.98 |
|
|
|
|
|
|
|
|
Asset Management |
|
|
|
|
|
|
Total Assets Turnover (Times) |
1.06 |
1.30 |
1.47 |
2.06 |
0.71 |
|
Fixed Assets Turnover (Times) |
28,873.98 |
88.37 |
16.63 |
15.52 |
22.94 |
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
Current Ratio (Times) |
1.34 |
1.39 |
1.88 |
1.72 |
1.11 |
|
|
|
|
|
|
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FINANCIAL COMMENTARY
Compound
Annual Growth Rate
The company's CAGR is 114.85% (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
We are unable to comment on
Subject's profitability.
Liquidity
Current ratio stood at 1.34 times in FY11
(FY10: 1.39 times). This means that the company has SGD - SIN 1.34 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 2.96 times in FY11, compared with 2.46 times in FY10. This means that
the company requires additional external financing of SGD - SIN 2.96 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 1.06 times in FY11 (FY10: 1.30
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.54.77 |
|
UK Pound |
1 |
Rs.83.31 |
|
Euro |
1 |
Rs.70.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.
S