MIRA INFORM REPORT

 

 

 

 

Report No. :

346631

Report Date :

20.10.2015

 

IDENTIFICATION DETAILS

 

Name :

REC SOLAR PTE. LTD.

 

 

Formerly Known As :

REC MODULES PTE. LTD.

 

 

Registered Office :

20, Tuas South Avenue 14, 637312

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

19.12.2007

 

 

Com. Reg. No.:

2000 [2014]

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Manufacturing of modules for the solar industry

 

 

No. of Employees

2,000 [2014]

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010 on the strength of renewed exports. Growth in 2014 was slower at 2.9%, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector. The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity, and increasing Singaporean wages. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and high-tech hub. Singapore is a member of the 12-nation Trans-Pacific Partnership free trade negotiations, the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea and New Zealand, and in 2015, Singapore will form, with the other ASEAN members, the ASEAN Economic Community.

 

Source : CIA

 

 

Company name and address

 

 

REGISTRATION NO.

:

200723409-E

COMPANY NAME

:

REC SOLAR PTE. LTD.

FORMER NAME

:

REC MODULES PTE. LTD. (01/01/2014)

INCORPORATION DATE

:

19/12/2007

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

20, TUAS SOUTH AVENUE 14, 637312, SINGAPORE.

BUSINESS ADDRESS

:

20, TUAS SOUTH AVENUE 14, 637312, SINGAPORE.

TEL.NO.

:

65-64959228

FAX.NO.

:

65-64959050

WEB SITE

:

WWW.RECGROUP.COM

CONTACT PERSON

:

GERALD BALENDRAN SINGHAM ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

MANUFACTURING OF MODULES FOR THE SOLAR INDUSTRY

ISSUED AND PAID UP CAPITAL

:

667,500,000.00 ORDINARY SHARE, OF A VALUE OF SGD 667,500,000.00

SALES

:

EUR 446,100,000 [2013]

NET WORTH

:

EUR 88,820,000 [2013]

STAFF STRENGTH

:

2000 [2014]

LITIGATION

:

TRACED

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

GOOD

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

HIGH

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MATURE

 

 

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) manufacturing of modules for the solar industry.

 

The immediate holding company of the Subject is REC SOLAR HOLDINGS AS, a company incorporated in NORWAY.

 

The ultimate holding company of the Subject is RENEWABLE ENERGY CORPORATION ASA, a company incorporated in NORWAY.

 

Share Capital History

Date

Issue & Paid Up Capital

06/08/2014

SGD 667,500,000.00

 

The major shareholder(s) of the Subject are shown as follows :

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

REC SOLAR HOLDINGS AS

KJORBOVEIEN 29, 1337 SANDVIKA, NORWAY.

T13UF4209

667,500,000.00

100.00

---------------

------

667,500,000.00

100.00

============

=====

+ Also Director



DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

GERALD GERALD BALENDRAN SINGHAM

Address

:

100, CLEMENCEAU AVENUE NORTH, 14-111, CAVENAGH HOUSE, 229491, SINGAPORE.

IC / PP No

:

S1503623J

Nationality

:

SINGAPOREAN

Date of Appointment

:

19/12/2007

 

DIRECTOR 2

 

Name Of Subject

:

MARTIN COOPER

Address

:

10A, MOUNT SOPHIA, 07-15, 8 @ MOUNT SOPHIA, 228462, SINGAPORE.

IC / PP No

:

S2751780C

Nationality

:

SINGAPOREAN

Date of Appointment

:

24/01/2014



MANAGEMENT

 

 

 

1)

Name of Subject

:

GERALD BALENDRAN SINGHAM

Position

:

MANAGING DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

KPMG LLP

Auditor' Address

:

N/A

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

GERALD BALENDRAN SINGHAM

IC / PP No

:

S1503623J

Address

:

100, CLEMENCEAU AVENUE NORTH, 14-111, CAVENAGH HOUSE, 229491, SINGAPORE.

 

2)

Company Secretary

:

AU YAN SHUK SHAN MARIA

IC / PP No

:

S2570131C

Address

:

5, JALAN RUMBIA, 11-07, THE IMPERIAL, 239618, SINGAPORE.

 

 

 

BANKING


No Banker found in our databank.

 

ENCUMBRANCE (S)

 

Charge No

Creation Date

Charge Description

Chargee Name

Total Charge

Status

C201403385

02/04/2014

N/A

DNB BANK ASA SINGAPORE BRANCH

-

Unsatisfied

 

 

LEGAL CHECK AGAINST SUBJECT


* A check has been conducted in our databank against the Subject whether the subject has been involved in any litigation.

 

 

LEGAL ACTION

 

 

Code No

:

99

Case No

:

461

Year

:

2004

Place

:

SINGAPORE

Court

:

SUPREME COURT

Date Filed

:

30/04/2014

Solicitor

:

YEE MUN HOWE GERALD

Solicitor Ref

:

GYE.PRN.RECWAFER.SK

Solicitor Firm

:

COLIN NG & PARTNERS LLP

Plaintiff

:

REC WAFER NORWAY A/S

Defendants

:

REC SOLAR PTE. LTD. (200723409)

Remark

:

OTHERS

 

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person wo has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.

 

No winding up petition was found in our databank

 

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES


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

[

X

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]

 

 

CLIENTELE

 

Local

:

YES

Percentage

:

40%

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Percentage

:

60%

Export Market

:

WORLDWIDE

Credit Term

:

AS AGREED

Payment Mode

:

CHEQUES
LETTER OF CREDIT (LC)

 

 

OPERATIONS

 

Products manufactured

:

MODULES FOR THE SOLAR INDUSTRY

 

Total Number of Employees:

 

YEAR

2014

2013

2012

 

GROUP

N/A

N/A

N/A

COMPANY

2000

2000

2,000

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) manufacturing of modules for the solar industry.

The Subject is a leading vertically integrated player in the solar energy industry.

The Subject is among the world's largest producers of polysilicon and wafers for solar applications, and a rapidly growing manufacturer of solar cells and modules.

Products
* Silicon materials
* Wafers
* Solar solutions


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

6564959228

Current Telephone Number

:

65-64959228

Match

:

YES

Address Provided by Client

:

20 TUAS SOUTH AVENUE 14 SINGAPORE 637312

Current Address

:

20, TUAS SOUTH AVENUE 14, 637312, SINGAPORE.

Match

:

YES

 

Other Investigations


We contacted one of the staff from the Subject and she provided some information.

FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Decreased

[

2009 - 2013

]

Profit/(Loss) Before Tax

:

Decreased

[

2009 - 2013

]

Return on Shareholder Funds

:

Acceptable

[

21.19%

]

Return on Net Assets

:

Acceptable

[

13.88%

]

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 management had generated acceptable return for its shareholders using its assets.

Working Capital Control

Stock Ratio

:

Favourable

[

31 Days

]

Debtor Ratio

:

Favourable

[

29 Days

]

Creditors Ratio

:

Favourable

[

19 Days

]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. 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

:

Favourable

[

1.39 Times

]

Current Ratio

:

Unfavourable

[

1.76 Times

]

A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.

Solvency

Interest Cover

:

Unfavourable

[

(4.02 Times)

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The Subject incurred losses in the year. It did not generate sufficient income to service its interest.  If the situation does not improve, the Subject may be vulnerable to default in servicing the interest. 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 was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. 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 : STABLE

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)



INDUSTRY ANALYSIS

 

INDUSTRY :

MANUFACTURING

The manufacturing sector contracted by 1.1% in the fourth quarter of 2012, led by declines in the electronics and precision engineering clusters. These clusters were weighed down by weak global demand for semiconductors and semiconductor-related equipment. For the whole year of 2012, the manufacturing sector grew by 0.1%, significantly lower than the 7.8% recorded in 2011 when the sector was boosted by a surge in the growth of the biomedical manufacturing cluster.

Output of the biomedical manufacturing cluster grew by 2.4% in the fourth quarter. The expansion was driven by the medical technology segment which grew by a healthy 9.2%, benefitting from robust export demand for medical devices. The pharmaceuticals segment also grew by a modest 1.1%. For 2012, the biomedical manufacturing cluster expanded by 9.9%.

Output of the transport engineering cluster expanded by 4.9% in the fourth quarter. The aerospace segment grew by 6.2%, supported by higher demand for repair jobs from commercial airlines. Similarly, the marine & offshore engineering segment expanded by 5.0%, on the back of higher contributions from oil rig projects and oilfield equipment components. In the year 2012, the transport engineering cluster surged by 11%.

The output of the precision engineering cluster shrank by 1.3% in the fourth quarter. The decline was led by the 5.3% contraction in the machinery & systems segment, which saw weak export demand for semiconductor-related equipment. On the other hand, the precision modules & components segment grew by 2.9%, supported by higher production of optical instruments & photographic equipment and electronic connectors. In 2012, the precision engineering cluster expanded by 1.3%.

The general manufacturing cluster's output grew by 1.2% in the fourth quarter, driven by the 6.4% growth in the miscellaneous industries segment. The segment's growth was supported by higher production of batteries and constructionrelated materials. By contrast, the printing and food, beverages & tobacco segments declined by 6.4% and 1.3% respectively. For 2012, the general manufacturing cluster grew by 2.0%.

The chemicals cluster's output grew by 7.7% in the fourth quarter. The petrochemicals and petroleum segments registered growth of 9.3% and 6.3% respectively, partly due to the low base from plant shutdowns in end of 2011. The specialty chemicals segment also expanded by 8.0% on the back of higher regional demand. For the year 2012, the chemicals cluster declined by 0.4%, primarily due to weak regional demand for specialty chemicals in the second and third quarter of 2012.

Output of the electronics cluster contracted by 10% in the fourth quarter, led by the semiconductors and computer peripherals segments which contracted by 13% and 15% respectively. By contrast, the data storage segment grew by 7.8%, mainly due to the low base in end of 2011 when floods in Thailand had disrupted the supply chain for data storage products. For the whole of 2012, the electronics cluster contracted by 11%.

OVERALL INDUSTRY OUTLOOK : MATURE

 

 

CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 2007, the Subject is a Private Limited company, focusing on manufacturing of modules for the solar industry. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. The Subject is a large entity with strong capital position.


Over the years, the Subject has established an extensive clientele base in the market. Besides catering to the local market, the Subject has penetrated into other countries. With the contribution of both local and overseas customers, the Subject is likely to be exposed to lower commercial risk. Hence, we believe that the Subject has better business expansion opportunities in the future. Being a large entity, the Subject has a steady workforce of 2000 personnel to support its business operations. Its future prospects seem to be fairly good as its business operations are running relatively stable. The Subject has a good management capability. Its capable management team has enabled the Subject to keep its business on going. Hence, the future prospect of the Subject is bright.


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. Return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at EUR 88,820,000, the Subject should be able to maintain its business in the near terms.


Without a strong assets backing, the Subject may face difficulties in getting loans for its future expansion and continued growth. The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials.


Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors.


The industry has reached its optimum level and is generally stable. It is saturated and very competitive. Thus, the Subject's growth prospect is very much depends on its capacity in sustaining its performance in the market.


Although its overall financial performance is stable, we need to observe closely on the Subject as it has just turned to a profit making company in year 2013. In view of the above, we recommend credit be granted to the Subject with close monitoring.

 

PROFIT AND LOSS ACCOUNT

 

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

REC SOLAR PTE. LTD.

 

Financial Year End

2013-12-31

2012-12-31

2011-12-31

2010-12-31

2009-12-31

Months

12

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

FULL

Currency

EUR

EUR

EUR

EUR

EUR

TURNOVER

446,100,000

488,504,000

644,693,000

404,887,000

2,809,000

----------------

----------------

----------------

----------------

----------------

Total Turnover

446,100,000

488,504,000

644,693,000

404,887,000

2,809,000

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) FROM OPERATIONS

18,817,000

(132,554,000)

(124,144,000)

(19,053,000)

(6,103,000)

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

18,817,000

(132,554,000)

(124,144,000)

(19,053,000)

(6,103,000)

Taxation

-

1,156,000

318,000

(1,459,000)

(17,000)

----------------

----------------

----------------

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

18,817,000

(131,398,000)

(123,826,000)

(20,512,000)

(6,120,000)

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

(282,189,000)

(150,791,000)

(26,965,000)

(6,453,000)

(333,000)

----------------

----------------

----------------

----------------

----------------

As restated

(282,189,000)

(150,791,000)

(26,965,000)

(6,453,000)

(333,000)

----------------

----------------

----------------

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

(263,372,000)

(282,189,000)

(150,791,000)

(26,965,000)

(6,453,000)

----------------

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

(263,372,000)

(282,189,000)

(150,791,000)

(26,965,000)

(6,453,000)

=============

=============

=============

=============

=============

INTEREST EXPENSE (as per notes to P&L)

Others

(3,745,000)

(2,109,000)

4,976,000

3,976,000

-

----------------

----------------

----------------

----------------

----------------

(3,745,000)

(2,109,000)

4,976,000

3,976,000

-

=============

=============

=============

=============

 

 

 

BALANCE SHEET

 

 

REC SOLAR PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

28,533,000

30,444,000

154,034,000

163,043,000

115,120,000

Others

3,527,000

6,545,000

10,330,000

8,272,000

16,730,000

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

3,527,000

6,545,000

10,330,000

8,272,000

16,730,000

Goodwill on consolidation

-

-

-

3,913,000

-

Computer software

-

486,000

3,437,000

-

-

Others

305,000

-

-

-

-

----------------

----------------

----------------

----------------

----------------

TOTAL INTANGIBLE ASSETS

305,000

486,000

3,437,000

3,913,000

-

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM ASSETS

32,365,000

37,475,000

167,801,000

175,228,000

131,850,000

Stocks

37,608,000

50,011,000

111,986,000

100,210,000

4,787,000

Trade debtors

35,221,000

36,560,000

2,141,000

178,632,000

5,856,000

Other debtors, deposits & prepayments

56,509,000

66,391,000

105,546,000

853,000

2,540,000

Amount due from holding company

35,576,000

38,259,000

18,819,000

-

659,000

Amount due from related companies

-

-

-

-

3,086,000

Cash & bank balances

11,149,000

402,000

124,000

1,000

-

Others

-

-

-

-

13,438,000

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT ASSETS

176,063,000

191,623,000

238,616,000

279,696,000

30,366,000

----------------

----------------

----------------

----------------

----------------

TOTAL ASSET

208,428,000

229,098,000

406,417,000

454,924,000

162,216,000

=============

=============

=============

=============

=============

CURRENT LIABILITIES

Trade creditors

22,756,000

28,499,000

19,432,000

13,164,000

12,882,000

Other creditors & accruals

77,063,000

113,840,000

172,059,000

8,003,000

1,169,000

Short term borrowings/Term loans

-

-

-

4,241,000

-

Amounts owing to holding company

-

305,000

106,000

2,225,000

759,000

Amounts owing to related companies

-

-

-

172,592,000

8,409,000

Provision for taxation

-

-

-

29,000

17,000

Other liabilities

-

-

-

1,583,000

-

----------------

----------------

----------------

----------------

----------------

TOTAL CURRENT LIABILITIES

99,819,000

142,644,000

191,597,000

201,837,000

23,236,000

----------------

----------------

----------------

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

76,244,000

48,979,000

47,019,000

77,859,000

7,130,000

----------------

----------------

----------------

----------------

----------------

TOTAL NET ASSETS

108,609,000

86,454,000

214,820,000

253,087,000

138,980,000

=============

=============

=============

=============

=============

SHARE CAPITAL

Ordinary share capital

352,192,000

352,192,000

352,192,000

239,925,000

142,976,000

----------------

----------------

----------------

----------------

----------------

TOTAL SHARE CAPITAL

352,192,000

352,192,000

352,192,000

239,925,000

142,976,000

Capital reserve

-

-

23,000

7,000

-

Retained profit/(loss) carried forward

(263,372,000)

(282,189,000)

(150,791,000)

(26,965,000)

(6,453,000)

----------------

----------------

----------------

----------------

----------------

TOTAL RESERVES

(263,372,000)

(282,189,000)

(150,768,000)

(26,958,000)

(6,453,000)

----------------

----------------

----------------

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

88,820,000

70,003,000

201,424,000

212,967,000

136,523,000

Long term loans

-

-

-

31,733,000

-

Deferred taxation

-

-

1,156,000

1,447,000

-

Others

19,789,000

16,451,000

12,240,000

6,940,000

2,457,000

----------------

----------------

----------------

----------------

----------------

TOTAL LONG TERM LIABILITIES

19,789,000

16,451,000

13,396,000

40,120,000

2,457,000

----------------

----------------

----------------

----------------

----------------

108,609,000

86,454,000

214,820,000

253,087,000

138,980,000

=============

=============

=============

=============

=============

 

 

 

FINANCIAL RATIO

 

 

REC SOLAR PTE. LTD.

 

TYPES OF FUNDS

Cash

11,149,000

402,000

124,000

1,000

0

Net Liquid Funds

11,149,000

402,000

124,000

1,000

0

Net Liquid Assets

38,636,000

(1,032,000)

(64,967,000)

(22,351,000)

2,343,000

Net Current Assets/(Liabilities)

76,244,000

48,979,000

47,019,000

77,859,000

7,130,000

Net Tangible Assets

108,304,000

85,968,000

211,383,000

249,174,000

138,980,000

Net Monetary Assets

18,847,000

(17,483,000)

(78,363,000)

(62,471,000)

(114,000)

BALANCE SHEET ITEMS

Total Borrowings

0

0

0

35,974,000

0

Total Liabilities

119,608,000

159,095,000

204,993,000

241,957,000

25,693,000

Total Assets

208,428,000

229,098,000

406,417,000

454,924,000

162,216,000

Net Assets

108,609,000

86,454,000

214,820,000

253,087,000

138,980,000

Net Assets Backing

88,820,000

70,003,000

201,424,000

212,967,000

136,523,000

Shareholders' Funds

88,820,000

70,003,000

201,424,000

212,967,000

136,523,000

Total Share Capital

352,192,000

352,192,000

352,192,000

239,925,000

142,976,000

Total Reserves

(263,372,000)

(282,189,000)

(150,768,000)

(26,958,000)

(6,453,000)

LIQUIDITY (Times)

Cash Ratio

0.11

0.00

0.00

0.00

0.00

Liquid Ratio

1.39

0.99

0.66

0.89

1.10

Current Ratio

1.76

1.34

1.25

1.39

1.31

WORKING CAPITAL CONTROL (Days)

Stock Ratio

31

37

63

90

622

Debtors Ratio

29

27

1

161

761

Creditors Ratio

19

21

11

12

1,674

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

0.00

0.00

0.17

0.00

Liabilities Ratio

1.35

2.27

1.02

1.14

0.19

Times Interest Earned Ratio

(4.02)

63.85

(23.95)

(3.79)

0.00

Assets Backing Ratio

0.31

0.24

0.60

1.04

0.97

PERFORMANCE RATIO (%)

Operating Profit Margin

4.22

(27.13)

(19.26)

(4.71)

(217.27)

Net Profit Margin

4.22

(26.90)

(19.21)

(5.07)

(217.87)

Return On Net Assets

13.88

(155.76)

(55.47)

(5.96)

(4.39)

Return On Capital Employed

13.84

(154.89)

(54.60)

(5.87)

(4.39)

Return On Shareholders' Funds/Equity

21.19

(187.70)

(61.48)

(9.63)

(4.48)

Dividend Pay Out Ratio (Times)

0.00

0.00

0.00

0.00

0.00

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.82

UK Pound

1

Rs.100.12

Euro

1

Rs.73.75                    

 

 

INFORMATION DETAILS

 

Report Prepared by :

SMN

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.