|
Report No. : |
346631 |
|
Report Date : |
27.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
REC SOLAR PTE. LTD. |
|
|
|
|
Formerly Known As : |
REC MODULES PTE. LTD. (01/01/2014) |
|
|
|
|
Registered Office : |
20, Tuas South Avenue, 14, 637312 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
19.12.2007 |
|
|
|
|
Com. Reg. No.: |
200723409-E |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturing Of Modules For The Solar Industry |
|
|
|
|
No. of Employees : |
2000 [2015] |
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 |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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 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 |
|
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 |
: |
BALENDRAN SINGHAM ( DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING OF MODULES FOR THE SOLAR
INDUSTRY |
|
ISSUED AND PAID UP CAPITAL |
: |
537,500,000.00 ORDINARY SHARE, OF A VALUE
OF SGD 537,500,000.00 |
|
SALES |
: |
EUR 491,248,000 [2014] |
|
NET WORTH |
: |
EUR 249,390,000 [2014] |
|
STAFF STRENGTH |
: |
2000 [2015] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
STRONG |
|
PAYMENT |
: |
AVERAGE |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
SATISFACTORY |
|
INDUSTRY OUTLOOK |
: |
MATURE |
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.
Former Address(es)
|
Address |
As At Date |
|
20, TUAS SOUTH AVENUE, 14, 637312 |
23/10/2015 |
Share Capital History
|
Date |
Issue & Paid
Up Capital |
|
23/10/2015 |
SGD 537,500,000.00 |
The
major shareholder(s) of the Subject are shown as follows :
Current Shareholder(s) :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
REC SOLAR HOLDINGS AS |
KJORBOVEIEN, 29, 1337, SANDVIKA, NORWAY. |
T13UF4209 |
537,500,000.00 |
100.00 |
|
--------------- |
------ |
|||
|
537,500,000.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :
|
Local No |
Country |
Company |
Status |
(%) |
As At |
|
SINGAPORE |
SOLAR C&I HOLDINGS PTE. LTD. |
- |
51.00 |
23/10/2015 |
DIRECTOR 1
|
Name Of Subject |
: |
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 |
DIRECTOR 3
|
Name Of Subject |
: |
STEVEN MARK O'NEIL |
|
Address |
: |
491A, RIVER VALLEY ROAD, VALLEY POINT, 248372, SINGAPORE. |
|
IC / PP No |
: |
G3139688W |
|
Nationality |
: |
AMERICAN |
|
Date of Appointment |
: |
18/05/2015 |
|
1) |
Name of Subject |
: |
BALENDRAN SINGHAM |
|
Position |
: |
DIRECTOR |
|
Auditor |
: |
KPMG LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
GERALD BALENDRAN SINGHAM |
|
IC / PP No |
: |
S1503623J |
|
|
Address |
: |
100, CLEMENCEAU AVENUE NORTH, 14-111, CAVENAGH HOUSE, 229491, SINGAPORE. |
|
|
2) |
Company Secretary |
: |
MARIA AU YAN SHUK SHAN |
|
IC / PP No |
: |
S2570131C |
|
|
Address |
: |
5, JALAN RUMBIA, 11-07, IMPERIAL, 239618, SINGAPORE. |
No Banker found in our databank.
|
Charge No |
Creation Date |
Charge
Description |
Chargee Name |
Total Charge |
Status |
|
C201510516 |
15/09/2015 |
N/A |
DNB BANK ASA |
- |
Unsatisfied |
* A check has been conducted in our databank against 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.
|
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 |
[ |
] |
Average 61-90 Days |
[ |
X |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
|
Local |
: |
YES |
Percentage |
: |
40% |
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
Percentage |
: |
60% |
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
AS AGREED |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Products manufactured |
: |
|
|
|
Total Number of Employees: |
|
||||||||
|
YEAR |
2015 |
2014 |
2013 |
2012 |
|||||
|
|
|||||||||
|
GROUP |
N/A |
N/A |
N/A |
N/A |
|||||
|
COMPANY |
2000 |
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
Latest fresh investigations carried out on the
Subject indicated that :
|
Telephone Number Provided By Client |
: |
N/A |
|
Current Telephone Number |
: |
65-64959228 |
|
Match |
: |
N/A |
|
Address Provided by Client |
: |
20, TUAS SOUTH AVENUE 14,637312,SINGAPORE |
|
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.
|
Profitability |
||||||
|
Turnover |
: |
Erratic |
[ |
2010 - 2014 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Increased |
[ |
2010 - 2014 |
] |
|
|
Return on Shareholder Funds |
: |
Acceptable |
[ |
19.22% |
] |
|
|
Return on Net Assets |
: |
Acceptable |
[ |
16.33% |
] |
|
|
The fluctuating turnover reflects the fierce competition among the
existing and new market players. The higher profit could be attributed to the
increase in turnover. The Subject's management had generated acceptable
return for its shareholders using its assets. |
||||||
|
Working Capital
Control |
||||||
|
Stock Ratio |
: |
Acceptable |
[ |
61 Days |
] |
|
|
Debtor Ratio |
: |
Unfavourable |
[ |
135 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
58 Days |
] |
|
|
The Subject kept adequate stocks to meet its normal business
transactions without incurring excessive storage costs. The Subject's debtors
ratio was high. The Subject should tighten its credit control and improve its
collection period. 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 |
[ |
1.38 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
1.85 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 |
: |
Favourable |
[ |
103.71 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.00 Times |
] |
|
|
The interest cover showed that the Subject was able to service the interest.
The favourable interest cover could indicate that the Subject was making
enough profit to pay for the interest accrued. 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 turnover was erratic, the Subject had maintained a steady
growth in its profit. This indicate the management's efficiency in
controlling its costs and profitability. 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. With the favourable interest cover, the Subject could be
able to service all the accrued interest without facing any difficulties. 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 : STRONG |
||||||
|
Major Economic
Indicators : |
2010 |
2011 |
2012 |
2013 |
2014 |
|
|
|||||
|
Population (Million) |
5.08 |
5.18 |
5.31 |
5.40 |
5.47 |
|
Gross Domestic Products ( % ) |
14.5 |
4.9 |
1.3 |
3.7 |
(3.5) |
|
Consumer Price Index |
2.8 |
5.2 |
4.6 |
2.4 |
2.4 |
|
Total Imports (Million) |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
463,779.1 |
|
Total Exports (Million) |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
518,922.7 |
|
|
|||||
|
Unemployment Rate (%) |
2.2 |
2.1 |
2.0 |
1.9 |
1.9 |
|
Tourist Arrival (Million) |
11.64 |
13.17 |
14.49 |
15.46 |
15.01 |
|
Hotel Occupancy Rate (%) |
85.6 |
86.5 |
86.4 |
86.3 |
85.5 |
|
Cellular Phone Subscriber (Million) |
1.43 |
1.50 |
1.52 |
1.97 |
1.98 |
|
|
|||||
|
Registration of New Companies (No.) |
29,798 |
32,317 |
31,892 |
37,288 |
41,589 |
|
Registration of New Companies (%) |
12.8 |
8.5 |
(1.3) |
9.8 |
11.5 |
|
Liquidation of Companies (No.) |
15,126 |
19,005 |
17,218 |
17,369 |
18,767 |
|
Liquidation of Companies (%) |
(32.5) |
25.6 |
9.4 |
(5.3) |
8.0 |
|
|
|||||
|
Registration of New Businesses (No.) |
23,978 |
23,494 |
24,788 |
22,893 |
35,773 |
|
Registration of New Businesses (%) |
(10.78) |
2.02 |
5.51 |
1.70 |
56.30 |
|
Liquidation of Businesses (No.) |
24,211 |
23,005 |
22,489 |
22,598 |
22,098 |
|
Liquidation of Businesses (%) |
2.8 |
(5) |
(2.2) |
0.5 |
(2.2) |
|
|
|||||
|
Bankruptcy Orders (No.) |
1,537 |
1,527 |
1,748 |
1,992 |
1,757 |
|
Bankruptcy Orders (%) |
(25.3) |
(0.7) |
14.5 |
14.0 |
(11.8) |
|
Bankruptcy Discharges (No.) |
2,252 |
1,391 |
1,881 |
2,584 |
3,546 |
|
Bankruptcy Discharges (%) |
(26.3) |
(38.2) |
35.2 |
37.4 |
37.2 |
|
|
|||||
|
INDUSTRIES ( %
of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
(0.48) |
4.25 |
3.64 |
- |
|
|
Fish Supply & Wholesale |
(10.5) |
12.10 |
(0.5) |
- |
2.80 |
|
|
|||||
|
Manufacturing * |
92.8 |
100.0 |
100.3 |
102.0 |
|
|
Food, Beverages & Tobacco |
96.4 |
100.0 |
103.5 |
103.5 |
105.0 |
|
Textiles |
122.1 |
100.0 |
104.0 |
87.1 |
74.9 |
|
Wearing Apparel |
123.3 |
100.0 |
92.1 |
77.8 |
49.5 |
|
Leather Products & Footwear |
81.8 |
100.0 |
98.6 |
109.8 |
95.9 |
|
Wood & Wood Products |
104.0 |
100.0 |
95.5 |
107.4 |
112.0 |
|
Paper & Paper Products |
106.1 |
100.0 |
97.4 |
103.2 |
103.4 |
|
Printing & Media |
103.5 |
100.0 |
93.0 |
86.1 |
80.3 |
|
Crude Oil Refineries |
95.6 |
100.0 |
99.4 |
93.5 |
85.6 |
|
Chemical & Chemical Products |
97.6 |
100.0 |
100.5 |
104.1 |
114.0 |
|
Pharmaceutical Products |
75.3 |
100.0 |
109.7 |
107.2 |
115.7 |
|
Rubber & Plastic Products |
112.3 |
100.0 |
96.5 |
92.9 |
92.8 |
|
Non-metallic Mineral |
92.5 |
100.0 |
98.2 |
97.6 |
82.2 |
|
Basic Metals |
102.2 |
100.0 |
90.6 |
76.5 |
98.3 |
|
Fabricated Metal Products |
103.6 |
100.0 |
104.3 |
105.1 |
105.1 |
|
Machinery & Equipment |
78.5 |
100.0 |
112.9 |
114.5 |
124.0 |
|
Electrical Machinery |
124.1 |
100.0 |
99.3 |
108.5 |
121.3 |
|
Electronic Components |
113.6 |
100.0 |
90.6 |
94.3 |
95.0 |
|
Transport Equipment |
94.0 |
100.0 |
106.3 |
107.5 |
103.2 |
|
|
|||||
|
Construction |
14.20 |
20.50 |
28.70 |
- |
22.00 |
|
Real Estate |
21.3 |
25.4 |
31.9 |
- |
145.1 |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
4.00 |
7.00 |
6.30 |
- |
|
|
Transport, Storage & Communication |
12.80 |
7.40 |
5.30 |
- |
14.20 |
|
Finance & Insurance |
(0.4) |
8.90 |
0.50 |
- |
6.00 |
|
Government Services |
9.70 |
6.90 |
6.00 |
- |
|
|
Education Services |
(0.9) |
(1.4) |
0.30 |
- |
5.98 |
|
|
|||||
|
* Based on Index of Industrial Production
(2011 = 100) |
|
INDUSTRY : |
MANUFACTURING |
|
In the third quarter of 2014, manufacturing output has increased by
1.9%, extending the 1.5% growth in the previous quarter. Growth was largely
driven by the biomedical manufacturing and chemicals clusters. Besides, for
the whole 2013, the manufacturing sector grew by 1.7%, an uptick from the
0.3% growth recorded in the previous year. All clusters recorded an expansion
in 2013, except the biomedical manufacturing cluster. |
|
|
The chemicals cluster grew by 5.2% in the third quarter of 2014.
Growth was led by the petrochemicals and specialty chemicals segments, which
expanded by 8.9% and 7.1% respectively. By contrast, the petroleum segment
contracted by 4.2% in the third quarter of 2014 due to plant maintenance
shutdowns. For the year of 2013, the chemicals cluster grew only by 0.7%. |
|
|
Besides, output of the biomedical manufacturing cluster expanded by
9.0% in the third quarter of 2014. The medical technology segment posted
robust growth of 23% due to higher production of medical instruments and supplies,
while the output of the pharmaceuticals segment rose by 6.2%. However, in the
whole of 2013, the biomedical manufacturing cluster recorded only a flat
growth. |
|
|
In the third quarter of 2014, the transport engineering cluster contracted
by 2.0%, dragged down by the aerospace segment. Output in the aerospace
segment plunged by 18% on the back of fewer repair jobs from commercial
airlines. This was mitigated by the 4.1% growth in the marine & offshore
engineering segment, which was supported by higher contributions from rig
building projects. Nonetheless, for the whole of 2013, the transport
engineering cluster grew by 5.2%. |
|
|
Moreover, output of the precision engineering cluster increased by
1.3% in the third quarter of 2014. The machinery & systems segment grew
by 6.2%, supported by higher demand for semiconductor-related equipment and
mechanical engineering work. This was partly offset by the decline in the
output of the precision modules & components segment. Conversely, in the
full year of 2013, the precision engineering cluster's output declined by
5.6%. |
|
|
Furthermore, in the third quarter of 2014, output of the general
manufacturing industries declined by 3.0%. The 2.1% growth in the food,
beverages & tobacco segment was more than offset by declines in the other
two segments. In particular, the miscellaneous industries segment contracted
by 4.7% on the back of lower output in construction-related products, such as
concrete & cement products and steel structural components. For the full
year of 2013, the general manufacturing cluster grew by 2.8%. |
|
|
Besides, in the third quarter of 2014, the electronics cluster
expanded by 0.9%, reversing the 5.0% contraction in the previous quarter.
Growth was supported by an expansion in the computer peripherals (6.3%) and
data storage (2.6%) segments. Moreover, for the year 2013, the electronics
cluster expanded by 3.5%. |
|
|
OVERALL INDUSTRY
OUTLOOK : MATURE |
|
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. The Subject is a large entity with strong capital position of SGD
537,500,000. We are confident with the Subject's business and its future growth
prospect. Having strong support from its holding company has enabled the
Subject to remain competitive despite the challenging business
environment.
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. Overall, we regard that
the Subject's management capability is average. This indicates that the Subject
has greater potential to improve its business performance and raising income
for the Subject.
We noted that both the turnover and profits have increased compared to the
previous year. The higher profit could be due to increase in turnover and
better control over its operating costs. 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 249,390,000, the
Subject should be able to maintain its business in the near terms.
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
has a good control over its resources.
The Subject's payment habit is average. With its adequate working capital, the
Subject should be able to pay its short term debts.
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.
Based on the above condition, we recommend credit be granted to the Subject
normally.
|
THE FINANCIAL
STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING
STANDARDS. |
|
REC SOLAR PTE.
LTD. |
|
Financial Year End |
2014-12-31 |
2013-12-31 |
2012-12-31 |
2011-12-31 |
2010-12-31 |
|
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 |
491,248,000 |
449,924,000 |
488,504,000 |
644,693,000 |
404,887,000 |
|
Other Income |
3,367,000 |
- |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
494,615,000 |
449,924,000 |
488,504,000 |
644,693,000 |
404,887,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
47,967,000 |
4,205,000 |
(132,554,000) |
(124,144,000) |
(19,053,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
47,967,000 |
4,205,000 |
(132,554,000) |
(124,144,000) |
(19,053,000) |
|
Taxation |
(35,000) |
(33,000) |
1,156,000 |
318,000 |
(1,459,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
47,932,000 |
4,172,000 |
(131,398,000) |
(123,826,000) |
(20,512,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED
PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
(263,926,000) |
(282,189,000) |
(150,791,000) |
(26,965,000) |
(6,453,000) |
|
Prior year adjustment |
- |
(985,297,000) |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
(263,926,000) |
(1,267,486,000) |
(150,791,000) |
(26,965,000) |
(6,453,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
(215,994,000) |
(1,263,314,000) |
(282,189,000) |
(150,791,000) |
(26,965,000) |
|
TRANSFER TO RESERVES - General |
(15,528,000) |
999,388,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
(231,522,000) |
(263,926,000) |
(282,189,000) |
(150,791,000) |
(26,965,000) |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE
(as per notes to P&L) |
|||||
|
Others |
467,000 |
5,534,000 |
2,109,000 |
4,976,000 |
3,976,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
467,000 |
5,534,000 |
2,109,000 |
4,976,000 |
3,976,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
DEPRECIATION (as per notes to P&L) |
18,742,000 |
14,934,000 |
9,753,000 |
16,156,000 |
12,991,000 |
|
AMORTIZATION |
1,345,000 |
1,288,000 |
871,000 |
1,489,000 |
929,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
20,087,000 |
16,222,000 |
10,624,000 |
17,645,000 |
13,920,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
REC SOLAR PTE.
LTD. |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
127,530,000 |
108,237,000 |
30,444,000 |
154,034,000 |
163,043,000 |
|
LONG TERM
INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
190,000 |
190,000 |
- |
- |
- |
|
Others |
20,705,000 |
20,371,000 |
6,545,000 |
10,330,000 |
8,272,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
20,895,000 |
20,561,000 |
6,545,000 |
10,330,000 |
8,272,000 |
|
INTANGIBLE
ASSETS |
|||||
|
Deferred/Expenditure carried forward |
- |
- |
486,000 |
- |
- |
|
Goodwill on consolidation |
- |
- |
- |
- |
3,913,000 |
|
Computer software |
762,000 |
972,000 |
- |
3,437,000 |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL INTANGIBLE ASSETS |
762,000 |
972,000 |
486,000 |
3,437,000 |
3,913,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
149,187,000 |
129,770,000 |
37,475,000 |
167,801,000 |
175,228,000 |
|
Stocks |
82,242,000 |
68,921,000 |
50,011,000 |
111,986,000 |
100,210,000 |
|
Trade debtors |
181,670,000 |
163,658,000 |
36,560,000 |
2,141,000 |
178,632,000 |
|
Other debtors, deposits & prepayments |
2,113,000 |
2,999,000 |
7,195,000 |
105,546,000 |
853,000 |
|
Amount due from holding company |
- |
- |
38,259,000 |
18,819,000 |
- |
|
Amount due from subsidiary companies |
- |
- |
62,002,000 |
- |
- |
|
Cash & bank balances |
53,885,000 |
28,407,000 |
402,000 |
124,000 |
1,000 |
|
Others |
- |
- |
(2,806,000) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
319,910,000 |
263,985,000 |
191,623,000 |
238,616,000 |
279,696,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
469,097,000 |
393,755,000 |
229,098,000 |
406,417,000 |
454,924,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT
LIABILITIES |
|||||
|
Trade creditors |
78,546,000 |
52,329,000 |
28,499,000 |
19,432,000 |
13,164,000 |
|
Other creditors & accruals |
12,870,000 |
13,048,000 |
3,584,000 |
172,059,000 |
8,003,000 |
|
Short term borrowings/Term loans |
- |
- |
- |
- |
4,241,000 |
|
Amounts owing to holding company |
78,984,000 |
1,549,000 |
305,000 |
106,000 |
2,225,000 |
|
Amounts owing to subsidiary companies |
- |
- |
110,256,000 |
- |
- |
|
Amounts owing to related companies |
2,104,000 |
5,404,000 |
- |
- |
172,592,000 |
|
Provision for taxation |
- |
- |
- |
- |
29,000 |
|
Other liabilities |
- |
- |
- |
- |
1,583,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
172,504,000 |
72,330,000 |
142,644,000 |
191,597,000 |
201,837,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
147,406,000 |
191,655,000 |
48,979,000 |
47,019,000 |
77,859,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
296,593,000 |
321,425,000 |
86,454,000 |
214,820,000 |
253,087,000 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
288,734,000 |
352,192,000 |
352,192,000 |
352,192,000 |
239,925,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
288,734,000 |
352,192,000 |
352,192,000 |
352,192,000 |
239,925,000 |
|
Capital reserve |
- |
- |
- |
23,000 |
7,000 |
|
Retained profit/(loss) carried forward |
(231,522,000) |
(263,926,000) |
(282,189,000) |
(150,791,000) |
(26,965,000) |
|
Others |
192,178,000 |
192,178,000 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
(39,344,000) |
(71,748,000) |
(282,189,000) |
(150,768,000) |
(26,958,000) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
249,390,000 |
280,444,000 |
70,003,000 |
201,424,000 |
212,967,000 |
|
Long term loans |
- |
- |
- |
- |
31,733,000 |
|
Deferred taxation |
- |
- |
- |
1,156,000 |
1,447,000 |
|
Others |
47,203,000 |
40,981,000 |
16,451,000 |
12,240,000 |
6,940,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
47,203,000 |
40,981,000 |
16,451,000 |
13,396,000 |
40,120,000 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
296,593,000 |
321,425,000 |
86,454,000 |
214,820,000 |
253,087,000 |
|
|
============= |
============= |
============= |
============= |
============= |
|
REC SOLAR PTE.
LTD. |
|
TYPES OF FUNDS |
|||||
|
Cash |
53,885,000 |
28,407,000 |
402,000 |
124,000 |
1,000 |
|
Net Liquid Funds |
53,885,000 |
28,407,000 |
402,000 |
124,000 |
1,000 |
|
Net Liquid Assets |
65,164,000 |
122,734,000 |
(1,032,000) |
(64,967,000) |
(22,351,000) |
|
Net Current Assets/(Liabilities) |
147,406,000 |
191,655,000 |
48,979,000 |
47,019,000 |
77,859,000 |
|
Net Tangible Assets |
295,831,000 |
320,453,000 |
85,968,000 |
211,383,000 |
249,174,000 |
|
Net Monetary Assets |
17,961,000 |
81,753,000 |
(17,483,000) |
(78,363,000) |
(62,471,000) |
|
PROFIT &
LOSS ITEMS |
|||||
|
Earnings Before Interest & Tax (EBIT) |
0 |
9,739,000 |
(130,445,000) |
(119,168,000) |
(15,077,000) |
|
Earnings Before Interest, Taxes,
Depreciation And Amortization (EBITDA) |
68,521,000 |
25,961,000 |
(119,821,000) |
(101,523,000) |
(1,157,000) |
|
BALANCE SHEET
ITEMS |
|||||
|
Total Borrowings |
0 |
0 |
0 |
0 |
35,974,000 |
|
Total Liabilities |
219,707,000 |
113,311,000 |
159,095,000 |
204,993,000 |
241,957,000 |
|
Total Assets |
469,097,000 |
393,755,000 |
229,098,000 |
406,417,000 |
454,924,000 |
|
Net Assets |
296,593,000 |
321,425,000 |
86,454,000 |
214,820,000 |
253,087,000 |
|
Net Assets Backing |
249,390,000 |
280,444,000 |
70,003,000 |
201,424,000 |
212,967,000 |
|
Shareholders' Funds |
249,390,000 |
280,444,000 |
70,003,000 |
201,424,000 |
212,967,000 |
|
Total Share Capital |
288,734,000 |
352,192,000 |
352,192,000 |
352,192,000 |
239,925,000 |
|
Total Reserves |
(39,344,000) |
(71,748,000) |
(282,189,000) |
(150,768,000) |
(26,958,000) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.31 |
0.39 |
0 |
0 |
0 |
|
Liquid Ratio |
1.38 |
2.70 |
0.99 |
0.66 |
0.89 |
|
Current Ratio |
1.85 |
3.65 |
1.34 |
1.25 |
1.39 |
|
WORKING CAPITAL
CONTROL (Days) |
|||||
|
Stock Ratio |
61 |
56 |
37 |
63 |
90 |
|
Debtors Ratio |
135 |
133 |
27 |
1 |
161 |
|
Creditors Ratio |
58 |
42 |
21 |
11 |
12 |
|
SOLVENCY RATIOS
(Times) |
|||||
|
Gearing Ratio |
0 |
0 |
0 |
0 |
0.17 |
|
Liabilities Ratio |
0.88 |
0.40 |
2.27 |
1.02 |
1.14 |
|
Times Interest Earned Ratio |
103.71 |
1.76 |
(61.85) |
(23.95) |
(3.79) |
|
Assets Backing Ratio |
1.02 |
0.91 |
0.24 |
0.60 |
1.04 |
|
PERFORMANCE
RATIO (%) |
|||||
|
Operating Profit Margin |
9.76 |
0.93 |
(27.13) |
(19.26) |
(4.71) |
|
Net Profit Margin |
9.76 |
0.93 |
(26.90) |
(19.21) |
(5.07) |
|
Return On Net Assets |
16.33 |
3.03 |
(150.88) |
(55.47) |
(5.96) |
|
Return On Capital Employed |
16.29 |
3.02 |
(150.04) |
(54.60) |
(5.87) |
|
Return On Shareholders' Funds/Equity |
19.22 |
1.49 |
(187.70) |
(61.48) |
(9.63) |
|
Dividend Pay Out Ratio (Times) |
0 |
0 |
0 |
0 |
0 |
|
NOTES TO
ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.96 |
|
|
1 |
Rs.99.54 |
|
Euro |
1 |
Rs.71.64 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
DPT |
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.