|
|
REGISTRATION NO.
|
:
|
200705147-G
|
|
COMPANY NAME
|
:
|
RENESOLA SINGAPORE PTE. LTD.
|
|
FORMER NAME
|
:
|
N/A
|
|
INCORPORATION DATE
|
:
|
28/03/2007
|
|
|
|
|
|
|
|
COMPANY STATUS
|
:
|
EXIST
|
|
LEGAL FORM
|
:
|
PRIVATE LIMITED
|
|
LISTED STATUS
|
:
|
NO
|
|
|
|
|
|
|
|
REGISTERED ADDRESS
|
:
|
1, CLEANTECH LOOP, 02-28, CLEANTECH ONE, 637141, SINGAPORE.
|
|
BUSINESS ADDRESS
|
:
|
1, CLEANTECH LOOP, 02-28 CLEANTECH ONE, 637141, SINGAPORE.
|
|
TEL.NO.
|
:
|
65-67959512
|
|
FAX.NO.
|
:
|
65-67959820
|
|
CONTACT PERSON
|
:
|
LI XIANSHOU ( DIRECTOR )
|
|
|
|
|
|
|
|
PRINCIPAL ACTIVITY
|
:
|
TRADING OF SOLAR,ENERGY RELATED PRODUCTS
|
|
|
|
|
ISSUED AND PAID UP CAPITAL
|
:
|
4,600,000.00 ORDINARY SHARE, OF A VALUE OF SGD 21,969,000.00
|
|
|
|
|
SALES
|
:
|
USD 250,651,788 [2012]
|
|
NET WORTH
|
:
|
USD (1,230,081) [2012]
|
|
|
|
|
STAFF STRENGTH
|
:
|
2 [2014]
|
|
LITIGATION
|
:
|
CLEAR
|
|
FINANCIAL CONDITION
|
:
|
POOR
|
|
PAYMENT
|
:
|
FAIR
|
|
MANAGEMENT CAPABILITY
|
:
|
WEAK
|
|
|
|
|
COMMERCIAL RISK
|
:
|
N/A
|
|
CURRENCY EXPOSURE
|
:
|
N/A
|
|
GENERAL REPUTATION
|
:
|
SATISFACTORY
|
|
INDUSTRY OUTLOOK
|
:
|
AVERAGE GROWTH
|
HISTORY / BACKGROUND
The Subject is a
private limited company and is allowed to have a minimum of one and a maximum
of forty-nine shareholders. As a private limited company, the Subject must
have at least two directors. A private limited company is a separate legal
entity from its shareholders. As a separate legal entity, the Subject is
capable of owning assets, entering into contracts, sue or be sued by other
companies. The liabilities of the shareholders are to the extent of the
equity they have taken up and the creditors cannot claim on shareholders'
personal assets even if the Subject is insolvent. The Subject is governed by
the Companies Act and the company must file its annual returns, together with
its financial statements with the Registrar of Companies.
The Subject is
principally engaged in the (as a / as an) trading of solar,energy related
products.
The immediate
holding company of the Subject is RENESOLA LTD., a company incorporated in
VIRGIN ISLANDS, BRITISH.
Share Capital
History
|
Date
|
Issue &
Paid Up Capital
|
|
15/05/2014
|
SGD 21,969,000.00
|
The major shareholder(s) of the Subject are shown as follows :
|
Name
|
Address
|
IC/PP/Loc No
|
Shareholding
|
(%)
|
|
RENESOLA LTD.
|
CRAIGMUIR CHAMBERS P.O. BOX 71, ROAD TOWN, TORTOLA, BRITISH VIRGIN
ISLANDS, SINGAPORE.
|
T07UF1534
|
4,600,000.00
|
100.00
|
|
|
|
---------------
|
------
|
|
|
|
4,600,000.00
|
100.00
|
|
|
|
============
|
=====
|
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates)
are shown as follow :
|
Local No
|
Country
|
Company
|
(%)
|
As At
|
|
AUSTRALIA
|
RENESOLA AUSTRALIA PTY LTD
|
100.00
|
31/12/2012
|
|
|
|
|
|
|
BULGARIA
|
NOVE ECO ENERGY FOOD
|
100.00
|
31/12/2012
|
|
|
|
|
|
|
JAPAN
|
RENESOLA JAPAN LTD
|
100.00
|
31/12/2012
|
|
|
|
|
|
|
BULGARIA
|
MG SOLAR SYSTEMS FOOD
|
100.00
|
31/12/2012
|
|
|
|
|
|
|
INDIA
|
RENESOLA INDIA PTE LTD
|
99.00
|
31/12/2012
|
|
|
|
|
|
DIRECTORS
DIRECTOR 1
|
Name Of Subject
|
:
|
WANG CHENG
|
|
Address
|
:
|
82, 3800, DUSHI ROAD, MINGHANG DISTRICT, SHANGHAI, CHINA.
|
|
IC / PP No
|
:
|
G45385766
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
CHINESE
|
|
Date of Appointment
|
:
|
20/09/2012
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 2
|
Name Of Subject
|
:
|
LI XIANSHOU
|
|
Address
|
:
|
F-15, MANPO INTERNATIONAL PLAZA, 500, WEST YAN'AN ROAD, CHANGNING
DISTRICT, SHANGHAI, 200050, CHINA.
|
|
IC / PP No
|
:
|
G36131428
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
CHINESE
|
|
Date of Appointment
|
:
|
28/03/2007
|
|
|
|
|
|
|
|
|
|
|
|
|
DIRECTOR 3
|
Name Of Subject
|
:
|
TEO HUI YONG
|
|
Address
|
:
|
28, KIM TIAN ROAD, 35-08, TWIN REGENCY, 169278, SINGAPORE.
|
|
IC / PP No
|
:
|
S0214050J
|
|
|
|
|
|
|
|
|
|
|
Nationality
|
:
|
SINGAPOREAN
|
|
Date of Appointment
|
:
|
28/03/2007
|
MANAGEMENT
|
1)
|
Name of Subject
|
:
|
LI XIANSHOU
|
|
Position
|
:
|
DIRECTOR
|
|
|
|
|
AUDITOR
|
Auditor
|
:
|
PAUL WAN & CO
|
|
Auditor' Address
|
:
|
N/A
|
|
|
|
|
|
|
|
1)
|
Company Secretary
|
:
|
TEO HUI YONG
|
|
IC / PP No
|
:
|
S0214050J
|
|
|
|
|
|
Address
|
:
|
28, KIM TIAN ROAD, 35-08, TWIN REGENCY, 169278, SINGAPORE.
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKING
No Banker found in our databank.
ENCUMBRANCE (S)
No encumbrance was found in our databank at the time of investigation.
LEGAL CHECK AGAINST SUBJECT
* A check has been conducted in our databank againt the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
PAYMENT RECORD
|
SOURCES OF RAW MATERIALS:
|
|
Local
|
:
|
N/A
|
|
Overseas
|
:
|
N/A
|
|
|
|
The Subject refused to disclose its suppliers.
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data
we conclude that :
|
OVERALL PAYMENT HABIT
|
|
Prompt 0-30 Days
|
[
|
|
]
|
|
Good 31-60 Days
|
[
|
|
]
|
|
Average 61-90 Days
|
[
|
|
]
|
|
|
Fair 91-120 Days
|
[
|
X
|
]
|
|
Poor >120 Days
|
[
|
|
]
|
|
|
|
|
|
|
CLIENTELE
|
Local
|
:
|
N/A
|
|
|
|
|
Overseas
|
:
|
N/A
|
|
|
|
The Subject refused to disclose its clientele.
OPERATIONS
|
Goods Traded
|
:
|
SOLAR,ENERGY RELATED PRODUCTS
|
|
|
|
|
Ownership of premises
|
:
|
LEASED/RENTED
|
|
Total Number of Employees:
|
|
|
YEAR
|
2014
|
2013
|
2011
|
2010
|
2009
|
|
|
|
GROUP
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
|
|
|
|
|
COMPANY
|
2
|
2
|
3
|
3
|
3
|
|
|
|
|
Other Information:
The Subject is principally engaged in the (as a / as an) trading of
solar,energy related products.
The Subject deals with the solar energy related products.
CURRENT INVESTIGATION
Latest fresh
investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client
|
:
|
N/A
|
|
Current Telephone Number
|
:
|
65-67959512
|
|
Match
|
:
|
N/A
|
|
|
|
|
Address Provided by Client
|
:
|
1 CLEANTECH LOOP, #02-28, CLEANTECH ONE, SINGAPRE (637141)
|
|
Current Address
|
:
|
1, CLEANTECH LOOP, 02-28 CLEANTECH ONE, 637141, SINGAPORE.
|
|
Match
|
:
|
YES
|
|
|
|
Other Investigations
On 14th May 2014 we contacted one of the staff from the Subject and she
provided some information.
FINANCIAL ANALYSIS
|
Profitability
|
|
|
|
|
|
|
|
Turnover
|
:
|
Decreased
|
[
|
2009 - 2012
|
]
|
|
|
Profit/(Loss) Before Tax
|
:
|
Decreased
|
[
|
2009 - 2012
|
]
|
|
|
Return on Shareholder Funds
|
:
|
Unfavourable
|
[
|
(198.50%)
|
]
|
|
|
Return on Net Assets
|
:
|
Unfavourable
|
[
|
(244.01%)
|
]
|
|
|
|
|
|
|
|
|
|
The continuous fall in turnover could be due to the lower demand for
the Subject's products / services.The management had succeeded in turning
the Subject into a profit making company. The profit could be due to better
control of its operating costs and efficiency in utilising its resources.
The Subject's unfavourable returns on shareholders' funds indicate the
management's inefficiency in utilising its assets to generate returns.
|
|
|
|
|
|
|
|
|
Working Capital Control
|
|
|
|
|
|
|
|
Stock Ratio
|
:
|
Favourable
|
[
|
4 Days
|
]
|
|
|
Debtor Ratio
|
:
|
Acceptable
|
[
|
62 Days
|
]
|
|
|
Creditors Ratio
|
:
|
Favourable
|
[
|
5 Days
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's stocks were moving fast thus reducing its holding
cost. This had reduced funds being tied up in stocks. The Subject's
management was quite efficient in handling its debtors. The Subject's
debtors days were at an acceptable range, thus the risk of its debts
turning bad was minimised. The Subject had a favourable creditors' ratio
where the Subject could be taking advantage of the cash discounts and also
wanting to maintain goodwill with its creditors.
|
|
|
|
|
|
|
|
|
Liquidity
|
|
|
|
|
|
|
|
Liquid Ratio
|
:
|
Acceptable
|
[
|
0.95 Times
|
]
|
|
|
Current Ratio
|
:
|
Unfavourable
|
[
|
0.97 Times
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's liquid ratio was slightly low. This could indicate
that the Subject's working capital was slightly deficient. The Subject will
have to improve its liquidity position either by obtaining short term
financing or increase its paid up capital so that it can meet all its short
term obligations as and when they fall due.
|
|
|
|
|
|
|
|
|
Solvency
|
|
|
|
|
|
|
|
Interest Cover
|
:
|
Acceptable
|
[
|
6.57 Times
|
]
|
|
|
Gearing Ratio
|
:
|
Favourable
|
[
|
0.00 Times
|
]
|
|
|
|
|
|
|
|
|
|
The Subject's interest cover was slightly low. If there is no sharp
fall in its profit or sudden increase in the interest rates, we believe the
Subject is able to generate sufficient income to service its interest and
repay the loans. The Subject had no gearing and hence it had virtually no
financial risk. The Subject was financed by its shareholders' funds and
internally generated fund. During the economic downturn, the Subject,
having a zero gearing, will be able to compete better than those which are
highly geared in the same industry.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall Assessment :
|
|
|
|
|
|
|
|
Although the Subject's turnover decreased, its losses also decreased
during the year. This could be the result of more efficient control in its
operating costs. The Subject's liquidity was at an acceptable range. If the
Subject is able to obtain further short term financing, it should be able
to meet all its short term obligations. The Subject had an acceptable
interest cover. If there is no sudden sharp increase in interest rate or
fall in the Subject's profit, we do believe the Subject is able to generate
sufficient cash flow to service its interest payment. The Subject was a
zero gearing company, it was solely dependant on its shareholders to
provide funds to finance its business. The Subject has good chance of
getting loans, if the needs arises.
|
|
|
|
|
|
|
|
|
Overall financial condition of the Subject : POOR
|
SINGAPORE ECONOMIC / INDUSTRY OUTLOOK
|
Major Economic Indicators :
|
2009
|
2010
|
2011
|
2012
|
2013
|
|
|
|
|
|
|
|
|
Population (Million)
|
4.98
|
5.08
|
5.18
|
5.31
|
5.40
|
|
Gross Domestic Products ( % )
|
(0.8)
|
14.5
|
4.9
|
1.3
|
3.7
|
|
Consumer Price Index
|
0.6
|
2.8
|
5.2
|
4.6
|
2.4
|
|
Total Imports (Million)
|
356,299.3
|
423,221.8
|
459,655.1
|
474,554.0
|
466,762.0
|
|
Total Exports (Million)
|
391,118.1
|
478,840.7
|
514,741.2
|
510,329.0
|
513,391.0
|
|
|
|
|
|
|
|
|
Unemployment Rate (%)
|
3.2
|
2.2
|
2.1
|
2.0
|
1.9
|
|
Tourist Arrival (Million)
|
9.68
|
11.64
|
13.17
|
14.49
|
15.46
|
|
Hotel Occupancy Rate (%)
|
75.8
|
85.6
|
86.5
|
86.4
|
86.3
|
|
Cellular Phone Subscriber (Million)
|
1.37
|
1.43
|
1.50
|
1.52
|
1.97
|
|
|
|
|
|
|
|
|
Registration of New Companies (No.)
|
26,414
|
29,798
|
32,317
|
31,892
|
37,288
|
|
Registration of New Companies (%)
|
4.3
|
12.8
|
8.5
|
(1.3)
|
9.8
|
|
Liquidation of Companies (No.)
|
22,393
|
15,126
|
19,005
|
17,218
|
17,369
|
|
Liquidation of Companies (%)
|
113.4
|
(32.5)
|
25.6
|
9.4
|
(5.3)
|
|
|
|
|
|
|
|
|
Registration of New Businesses (No.)
|
26,876
|
23,978
|
23,494
|
24,788
|
22,893
|
|
Registration of New Businesses (%)
|
8.15
|
(10.78)
|
2.02
|
5.51
|
1.70
|
|
Liquidation of Businesses (No.)
|
23,552
|
24,211
|
23,005
|
22,489
|
22,598
|
|
Liquidation of Businesses (%)
|
11.4
|
2.8
|
(5)
|
(2.2)
|
0.5
|
|
|
|
|
|
|
|
|
Bankruptcy Orders (No.)
|
2,058
|
1,537
|
1,527
|
1,748
|
1,992
|
|
Bankruptcy Orders (%)
|
(11.5)
|
(25.3)
|
(0.7)
|
14.5
|
14.0
|
|
Bankruptcy Discharges (No.)
|
3,056
|
2,252
|
1,391
|
1,881
|
2,584
|
|
Bankruptcy Discharges (%)
|
103.7
|
(26.3)
|
(38.2)
|
35.2
|
37.4
|
|
|
|
|
|
|
|
|
INDUSTRIES ( % of Growth ) :
|
|
|
|
|
|
|
Agriculture
|
|
|
|
|
|
|
Production of Principal Crops
|
3.25
|
(0.48)
|
4.25
|
3.64
|
-
|
|
Fish Supply & Wholesale
|
(1.93)
|
(10.5)
|
12.10
|
(0.5)
|
-
|
|
|
|
|
|
|
|
|
Manufacturing *
|
71.5
|
92.8
|
100.0
|
100.3
|
102.0
|
|
Food, Beverages & Tobacco
|
90.4
|
96.4
|
100.0
|
103.5
|
103.5
|
|
Textiles
|
145.9
|
122.1
|
100.0
|
104.0
|
87.1
|
|
Wearing Apparel
|
211.0
|
123.3
|
100.0
|
92.1
|
77.8
|
|
Leather Products & Footwear
|
79.5
|
81.8
|
100.0
|
98.6
|
109.8
|
|
Wood & Wood Products
|
101.4
|
104.0
|
100.0
|
95.5
|
107.4
|
|
Paper & Paper Products
|
95.4
|
106.1
|
100.0
|
97.4
|
103.2
|
|
Printing & Media
|
100.9
|
103.5
|
100.0
|
93.0
|
86.1
|
|
Crude Oil Refineries
|
96.4
|
95.6
|
100.0
|
99.4
|
93.5
|
|
Chemical & Chemical Products
|
80.3
|
97.6
|
100.0
|
100.5
|
104.1
|
|
Pharmaceutical Products
|
49.1
|
75.3
|
100.0
|
109.7
|
107.2
|
|
Rubber & Plastic Products
|
101.2
|
112.3
|
100.0
|
96.5
|
92.9
|
|
Non-metallic Mineral
|
91.9
|
92.5
|
100.0
|
98.2
|
97.6
|
|
Basic Metals
|
92.6
|
102.2
|
100.0
|
90.6
|
76.5
|
|
Fabricated Metal Products
|
90.8
|
103.6
|
100.0
|
104.3
|
105.1
|
|
Machinery & Equipment
|
57.3
|
78.5
|
100.0
|
112.9
|
114.5
|
|
Electrical Machinery
|
86.8
|
124.1
|
100.0
|
99.3
|
108.5
|
|
Electronic Components
|
85.2
|
113.6
|
100.0
|
90.6
|
94.3
|
|
Transport Equipment
|
96.0
|
94.0
|
100.0
|
106.3
|
107.5
|
|
|
|
|
|
|
|
|
Construction
|
(36.9)
|
14.20
|
20.50
|
28.70
|
-
|
|
Real Estate
|
1.4
|
21.3
|
25.4
|
31.9
|
-
|
|
|
|
|
|
|
|
|
Services
|
|
|
|
|
|
|
Electricity, Gas & Water
|
1.70
|
4.00
|
7.00
|
6.30
|
-
|
|
Transport, Storage & Communication
|
3.90
|
12.80
|
7.40
|
5.30
|
-
|
|
Finance & Insurance
|
(16.4)
|
(0.4)
|
8.90
|
0.50
|
-
|
|
Government Services
|
4.50
|
9.70
|
6.90
|
6.00
|
-
|
|
Education Services
|
0.10
|
(0.9)
|
(1.4)
|
0.30
|
-
|
|
|
|
|
|
|
|
|
* Based on Index of Industrial Production (2011 = 100)
|
|
|
|
|
|
|
(Source : Department of Statistics)
|
|
|
|
|
|
INDUSTRY ANALYSIS
|
INDUSTRY :
|
TRADING
|
|
|
|
|
The wholesale and retail trade sector contracted by 1.5% in the
fourth quarter of 2012, extending the 0.2% decline in the preceding
quarter. For the whole of 2012, the sector declined by 0.7%, reversing the
1.6% growth in 2011. The sector was weighed down primarily by the wholesale
trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a
reversal from the 1.4% growth in 2011. Growth of the retail trade segment
also moderated to 2.0%, from 3.2% in the year 2011.
|
|
|
The domestic wholesale trade index grew by 1.2% in the fourth
quarter of 2012, an improvement from the 5.4% decline in the third quarter.
This was partly due to an increase in the sales of chemicals & chemical
products and ship chandlers & bunkering. For the full year of 2012, the
domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline
in 2011. The foreign wholesale trade index grew by 8.6% in the fourth
quarter, an increase from the 6.6% growth in the third quarter. The
expansion was partly due to resilient sales of petroleum & petroleum
products. For the whole of 2012, the foreign wholesale trade index expanded
by 9.1%, faster than the 4.3% increase in 2011.
|
|
|
In the fourth quarter of 2012, retail sales volume declined by 2.0%,
extending the 0.3% decline in the third quarter. Excluding motor vehicles,
retail sales volume grew by 0.4%, a slight moderation compared to the 1.5%
gain in the third quarter of 2012. The sales volume of motor vehicles fell
by 11% in the fourth quarter of 2012, after contracting by 6.1% in the
third quarter. The sales of several discretionary items also declined in the
fourth quarter. Besides, the sales of optical goods & books in 2012
fell by 3.6%, while the sales of telecommunications apparatus &
computers declined by 1.4%.
|
|
|
For 2012 as a whole, retail sales volume grew by 1.3%, compared to
the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in
retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012.
Medical goods & toiletries registered the largest increase (9.3%) in
sales, followed by telecommunications apparatus & computers (6.9%). By
contrast, the sales of watches & jewellery (-2.2%) and optical goods
& books (-3.6%) declined.
|
|
|
|
|
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH
|
CREDIT RISK EVALUATION &
RECOMMENDATION
|
Incorporated in 2007, the Subject is a Private Limited company, focusing on
trading of solar and energy related products. Having been in business for 7
years, the Subject has established a remarkable clientele base for itself
which has contributed to its business growth. Having strong support from
its shareholder has enabled the Subject to remain competitive despite the
challenging business environment.
Being a small company, the Subject's business operation is supported by 2
employees. Overall, we regard that the Subject's management capability is
weak. Without capable management, the Subject is unlikely to be successful
and often contribute to unacceptable levels of accountability. Weak
management can affect productivity, profitability, sales growth and
ultimately can result in the failure of a business.
Despite the lower turnover, the Subject's pre-tax profit have increased
compared to the previous year. The higher profit could be due to better
control of its operating costs and efficiency in utilising its resources.
The Subject has generated an unfavourable return on shareholders' funds
indicating that the management was inefficient in utilising its funds to
generate return. The Subject managed to maintain an adequate liquidity
level, indicating that the Subject has the ability to meet its financial
obligations. Unfortunately, the Subject's unfavourable financial
performance over the years has wiped out its shareholders' funds to a
deficit of USD 1,230,081. Therefore, the Subject as a going concern is much
dependent on its ability to generate sufficient cash flow and obtain
additional financing to meet its future obligations.
Without a strong assets backing, the Subject may face difficulties in
getting loans for its future expansion and continued growth.
We regard that the Subject's overall payment habit is fair.
The industry shows an upward trend and this trend is very likely to sustain
in the near terms. Competition within the industry is very tight due to a
large number of similar companies operating in the country. We noted that
the Subject's competitive capability is weak and it is facing increasing
competition from its rivals.
Based on the above unfavourable condition, we regard granting credit to the
Subject to be quite risky. Hence, credit is not recommended.
|
|
|
PROFIT AND LOSS ACCOUNT
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS.
|
|
RENESOLA
SINGAPORE PTE. LTD.
|
|
Financial Year End
|
2012-12-31
|
2011-12-31
|
2010-12-31
|
2009-12-31
|
|
Months
|
12
|
12
|
12
|
12
|
|
Consolidated Account
|
Company
|
Company
|
Company
|
Company
|
|
Audited Account
|
YES
|
YES
|
YES
|
YES
|
|
Unqualified Auditor's Report (Clean Opinion)
|
YES
|
YES
|
YES
|
YES
|
|
Financial Type
|
FULL
|
FULL
|
FULL
|
FULL
|
|
Currency
|
USD
|
USD
|
USD
|
USD
|
|
|
|
|
|
|
TURNOVER
|
250,651,788
|
280,747,702
|
297,128,697
|
208,329,642
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Total Turnover
|
250,651,788
|
280,747,702
|
297,128,697
|
208,329,642
|
|
Costs of Goods Sold
|
(246,875,227)
|
(277,632,582)
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
Gross Profit
|
3,776,561
|
3,115,120
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
|
|
|
|
|
PROFIT/(LOSS) FROM OPERATIONS
|
2,544,487
|
(1,026,798)
|
(10,880,218)
|
191,676
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) BEFORE TAXATION
|
2,544,487
|
(1,026,798)
|
(10,880,218)
|
191,676
|
|
Taxation
|
(102,728)
|
(584,602)
|
(419,701)
|
(175,677)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT/(LOSS) AFTER TAXATION
|
2,441,759
|
(1,611,400)
|
(11,299,919)
|
15,999
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
|
|
|
|
|
|
As previously reported
|
(12,839,181)
|
(11,227,781)
|
72,138
|
56,139
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
As restated
|
(12,839,181)
|
(11,227,781)
|
72,138
|
56,139
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS
|
(10,397,422)
|
(12,839,181)
|
(11,227,781)
|
72,138
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD
|
(10,397,422)
|
(12,839,181)
|
(11,227,781)
|
72,138
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
Term loan / Borrowing
|
457,060
|
141,711
|
-
|
-
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
457,060
|
141,711
|
-
|
-
|
|
=============
|
=============
|
|
|
BALANCE SHEET
|
RENESOLA
SINGAPORE PTE. LTD.
|
|
ASSETS EMPLOYED:
|
|
|
|
|
|
FIXED ASSETS
|
951
|
9,723
|
30,655
|
55,546
|
|
|
|
|
|
|
LONG TERM INVESTMENTS/OTHER ASSETS
|
|
|
|
|
|
Subsidiary companies
|
3,519,603
|
-
|
-
|
-
|
|
Others
|
759,322
|
-
|
3,331,540
|
12,473,663
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS
|
4,278,925
|
-
|
3,331,540
|
12,473,663
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL LONG TERM ASSETS
|
4,279,876
|
9,723
|
3,362,195
|
12,529,209
|
|
|
|
|
|
|
Stocks
|
2,585,320
|
2,305,318
|
34,945
|
-
|
|
Trade debtors
|
42,326,375
|
2,270,036
|
43,389,098
|
9,420,983
|
|
Other debtors, deposits & prepayments
|
1,124,285
|
27,174
|
172,028,409
|
115,048,651
|
|
Short term deposits
|
83,184
|
927,484
|
-
|
-
|
|
Amount due from holding company
|
74,848,445
|
144,487,147
|
-
|
-
|
|
Amount due from subsidiary companies
|
8,049,571
|
-
|
-
|
-
|
|
Amount due from related companies
|
31,060,749
|
107,741,073
|
-
|
-
|
|
Cash & bank balances
|
4,678,081
|
1,504,092
|
2,428,362
|
2,640,326
|
|
Others
|
6,894,710
|
6,540,000
|
6,540,000
|
2,308,806
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT ASSETS
|
171,650,720
|
265,802,324
|
224,420,814
|
129,418,766
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL ASSET
|
175,930,596
|
265,812,047
|
227,783,009
|
141,947,975
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Trade creditors
|
3,319,446
|
2,946,966
|
79,776,453
|
25,535,676
|
|
Other creditors & accruals
|
246,228
|
64,820
|
65,188
|
34,788
|
|
Short term borrowings/Term loans
|
-
|
5,665,496
|
-
|
-
|
|
Deposits from customers
|
60,320,626
|
70,458,651
|
81,629,557
|
43,337,996
|
|
Amounts owing to subsidiary companies
|
1,430,343
|
-
|
-
|
-
|
|
Amounts owing to related companies
|
111,742,034
|
118,835,754
|
-
|
-
|
|
Provision for taxation
|
102,000
|
691,224
|
426,855
|
79,453
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL CURRENT LIABILITIES
|
177,160,677
|
198,662,911
|
161,898,053
|
68,987,913
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
NET CURRENT ASSETS/(LIABILITIES)
|
(5,509,957)
|
67,139,413
|
62,522,761
|
60,430,853
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL NET ASSETS
|
(1,230,081)
|
67,149,136
|
65,884,956
|
72,960,062
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
|
SHARE CAPITAL
|
|
|
|
|
|
Ordinary share capital
|
9,167,341
|
79,988,317
|
79,988,317
|
79,988,317
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL SHARE CAPITAL
|
9,167,341
|
79,988,317
|
79,988,317
|
79,988,317
|
|
|
|
|
|
|
Retained profit/(loss) carried forward
|
(10,397,422)
|
(12,839,181)
|
(11,227,781)
|
72,138
|
|
Others
|
-
|
-
|
(2,875,580)
|
(7,100,393)
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
TOTAL RESERVES
|
(10,397,422)
|
(12,839,181)
|
(14,103,361)
|
(7,028,255)
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
SHAREHOLDERS' FUNDS/EQUITY
|
(1,230,081)
|
67,149,136
|
65,884,956
|
72,960,062
|
|
|
|
|
|
|
----------------
|
----------------
|
----------------
|
----------------
|
|
(1,230,081)
|
67,149,136
|
65,884,956
|
72,960,062
|
|
=============
|
=============
|
=============
|
=============
|
|
|
|
|
|
FINANCIAL RATIO
|
RENESOLA
SINGAPORE PTE. LTD.
|
|
TYPES OF FUNDS
|
|
|
|
|
|
Cash
|
4,761,265
|
2,431,576
|
2,428,362
|
2,640,326
|
|
Net Liquid Funds
|
4,761,265
|
2,431,576
|
2,428,362
|
2,640,326
|
|
Net Liquid Assets
|
(8,095,277)
|
64,834,095
|
62,487,816
|
60,430,853
|
|
Net Current Assets/(Liabilities)
|
(5,509,957)
|
67,139,413
|
62,522,761
|
60,430,853
|
|
Net Tangible Assets
|
(1,230,081)
|
67,149,136
|
65,884,956
|
72,960,062
|
|
Net Monetary Assets
|
(8,095,277)
|
64,834,095
|
62,487,816
|
60,430,853
|
|
BALANCE SHEET ITEMS
|
|
|
|
|
|
Total Borrowings
|
0
|
5,665,496
|
0
|
0
|
|
Total Liabilities
|
177,160,677
|
198,662,911
|
161,898,053
|
68,987,913
|
|
Total Assets
|
175,930,596
|
265,812,047
|
227,783,009
|
141,947,975
|
|
Net Assets
|
(1,230,081)
|
67,149,136
|
65,884,956
|
72,960,062
|
|
Net Assets Backing
|
(1,230,081)
|
67,149,136
|
65,884,956
|
72,960,062
|
|
Shareholders' Funds
|
(1,230,081)
|
67,149,136
|
65,884,956
|
72,960,062
|
|
Total Share Capital
|
9,167,341
|
79,988,317
|
79,988,317
|
79,988,317
|
|
Total Reserves
|
(10,397,422)
|
(12,839,181)
|
(14,103,361)
|
(7,028,255)
|
|
LIQUIDITY (Times)
|
|
|
|
|
|
Cash Ratio
|
0.03
|
0.01
|
0.01
|
0.04
|
|
Liquid Ratio
|
0.95
|
1.33
|
1.39
|
1.88
|
|
Current Ratio
|
0.97
|
1.34
|
1.39
|
1.88
|
|
WORKING CAPITAL CONTROL (Days)
|
|
|
|
|
|
Stock Ratio
|
4
|
3
|
0
|
0
|
|
Debtors Ratio
|
62
|
3
|
53
|
17
|
|
Creditors Ratio
|
5
|
4
|
98
|
45
|
|
SOLVENCY RATIOS (Times)
|
|
|
|
|
|
Gearing Ratio
|
0.00
|
0.08
|
0.00
|
0.00
|
|
Liabilities Ratio
|
(144.02)
|
2.96
|
2.46
|
0.95
|
|
Times Interest Earned Ratio
|
6.57
|
(6.25)
|
0.00
|
0.00
|
|
Assets Backing Ratio
|
(0.13)
|
0.84
|
0.82
|
0.91
|
|
PERFORMANCE RATIO (%)
|
|
|
|
|
|
Operating Profit Margin
|
1.02
|
(0.37)
|
(3.66)
|
0.09
|
|
Net Profit Margin
|
0.97
|
(0.57)
|
(3.80)
|
0.01
|
|
Return On Net Assets
|
(244.01)
|
(1.32)
|
(16.51)
|
0.26
|
|
Return On Capital Employed
|
(244.01)
|
(1.32)
|
(16.51)
|
0.26
|
|
Return On Shareholders' Funds/Equity
|
(198.50)
|
(2.40)
|
(17.15)
|
0.02
|
|
Dividend Pay Out Ratio (Times)
|
0.00
|
0.00
|
0.00
|
0.00
|
|
NOTES TO ACCOUNTS
|
|
|
|
|
|
Contingent Liabilities
|
0
|
0
|
0
|
0
|
|