Upon Detail Scrutinize & Review, It Appeared To Me Renaissance Had Walked Out Of Its Dark Past And Had Tranformed Into A Strong Entity With Far-Reaching Fundamental & Potential.

This Investment In Renaissance Could Be A Life Changer & May Be A Ten-Bagger!

Hope I Have The Forbearing & Discipline To See The Day!

Cheers To All IPCO Stuckists, Your Days Of Sufferance Can Finally Come To An End Soon!
 

Name Of Subsidiaries

1.  Ipco Constructors Private Limited - Engineering, construction and warehousing - Singapore 100%

2.  Friendship Bridge Holding Company Private Limited - Investment securities trading - Singapore 100%

3.  Nueviz Investment Private Limited - Investment securities trading - Singapore 100%

4.  ESA Electronics Pte. Ltd. - Trading and providing consultancy services in semi-conductor industry - Singapore 81.25%

5.  Ipco International Construction Limited - Dormant Hong Kong 100%

6.  Millgate Asia Limited - Dormant Hong Kong &ndash 100%

7.  Renaissance United Development Sdn. Bhd. - Engineering, construction and infrastructure development -  Malaysia 100%

8.  Renaissance United Group Sdn. Bhd. - Investment holding Malaysia 100%

9.  Ambico Sendirian Berhad - Dormant - Brunei 100%

10.  Ipco-Prebumi Sendirian Berhad - Under liquidation - Brunei 70%

11.  Ipco Contractors (S.A.) - Dormant - British Virgin Islands 100%

12.  Excellent Empire Limited (&ldquo EEL&rdquo )* -  Investment holding - British Virgin Islands 100%

13. Held by Ipco Contractors (S.A.): Ipco China Gas Pipelines Limited - Dormant - British Virgin Islands 70% 

  14. Held by Renaissance United Group Sdn. Bhd.:
- Gulf Asia Holdings Ltd - Dormant - Malaysia 100%
-  Renaissance United Asset Sdn. Bhd. - Dormant - Malaysia 100%

15. Held by ESA Electronics Pte. Ltd.: - ESA Assembly Pte. Ltd. - Manufacturers, assemblers, installers, maintainers, repairers of and dealers in electronic components - Singapore 81.25%

16.  Held by Excellent Empire Limited: - Capri Investment L.L.C.* Residential estate development - United States of America 100%

17.  China Environmental Energy Protection Investment Limited* - Investment holding - Samoa 100%

18.Renaissance United Washington, LLC* - Property development - United States of America 100%

19.  Held by China Environmental Energy Protection Investment Limited: - Hubei Zonglianhuan Energy Investment Group Inc. (&ldquo HZLH&rdquo ) - Providing management services - People&rsquo s Republic of China 65%

20.  Held by Hubei Zonglianhuan Energy Investment Group Inc.:
- Anlu Jiaxu Natural Gas Company Limited -  Natural gas distribution - People&rsquo s Republic of China 65% 
- Dawu Jiaxu Natural Gas Company Limited - Natural gas distribution - People&rsquo s Republic of China 65%
-  Xiaochang Jiaxu Natural Gas Company Limited - Natural gas distribution - People&rsquo s Republic of China 65% 
- Guangshui Zhong Huan Gas Development Co., Ltd  - Natural gas distribution - People&rsquo s Republic of China 65%
- Weihai Nanhai Zhong Huan Natural Gas Co., Ltd - Dormant - People&rsquo s Republic of China 58.5%
- Hai Yang Zhong Huan Natural Gas Co., Ltd - Dormant - People&rsquo s Republic of China 58.5%
-  Rushan Zhong Huan Natural Gas Co., Ltd - Dormant - People&rsquo s Republic of China 58.5%
- Sino  Gas Holdings Pte. Limited Investment holding - Singapore 58.5%

Income Tax (Credit) / Expense

As at 30 April 2025, the Group has unutilised tax losses of approximately $55,275,000 (2024: $51,582,000) and deductible temporary differences of approximately $38,078,000 (2024: $31,648,000) which are available to offset against future taxable profit subject to the agreement of the relevant tax authorities and compliance with certain provision of the tax legislation of the respective countries in which the Group operates. The related deferred tax asset has not been recognised in the financial statements due to the unpredictability of future revenue streams.

The unutilised tax losses can be carried forward indefinitely except for those arising from the subsidiaries in the jurisdiction of PRC amounting to $4,240,000 (2024: $3,307,000) which can only be utilised to offset against its future taxable profits within five years from the date the tax losses were incurred. The unutilised tax losses in the PRC will expire at various dates up to and including 2030.

Excerpt From AR2025

Impairment review of service concession arrangements

Management performed an impairment test as HZLH group is loss-making during the current financial year. Based on management&rsquo s assessment, the carrying amount (before impairment loss during the year) of $45,891,000 (2024: $57,871,000) of the HZLH group&rsquo s cash-generating unit under the gas distribution segment as at 30 April 2025 exceeds its recoverable amount of $39,461,000 (2024: $49,975,000).

Henceforth, management is of the view that the Group will not be able to recover fully the carrying amount of the intangible assets in relation to service concession arrangements, and accordingly a further impairment of $6,430,000 (2024: $7,896,000) was made. Recoverable amount is the higher of FVLCD and value-in-use. The recoverable amount has been computed based on the FVLCD, determined based on valuation performed by an independent firm of professional valuers using the guideline publicly-traded comparable (&ldquo GPC&rdquo ) method under market-based approach."

Intangible Assets

Service Concession Arrangements

" As disclosed in Note 3.1 to the financial statements, HZLH group supplies natural gas under 30-year exclusive contracts within the cities of Anlu, Dawu, Xiaochang and Guangshui in Hubei Province, PRC, which fall within the scope of SFRS(I) INT 12 Service Concession Arrangements.

The Group recognises an intangible asset arising from the service concession arrangements when it has a right to charge for usage of the concession infrastructure. The intangible asset is measured at fair value upon initial recognition by reference to the fair value of services provided.    Following initial recognition, the intangible asset is measured at cost, less accumulated amortisation and accumulated impairment losses.

The estimated useful life of the intangible asset is the period when the Group has a right to charge the public for the usage of the infrastructure to the end of the concession period.

Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful life of 30 years."


HZLH Should Provide A Reversal Of Impairment Loss For The Amortized Gas Assets, Since This Cash-Generating Units (Gas Assets) No Longer Follows A Fixed Government Rate, But Are Entitled To Pegged At Open Market Rate And Its Recoverable Amount Had Increased.

This Reversal Of Impairment Loss Would Contribute To Its Profits Significantly In Upcoming Quarters.

Bro In Finance Industry Please Correct If I' m Wrong.

No Lah, First Quarter Results For Finiancial Period Ending 31 July 25 Should Be This Friday Or Over The Weekend.

As Mentioned Before, I Do Not Expect Any Major Changes To The Revenue & Profit, As Most Of The Radical Changes Just Happened In August And Will Only Make Significant Improvement In Following Quarters.

Having Completed The Gas Pipelines For The Four Cities In Hubei And  With The Completion Of The Gas Receiving Stations And The Gas Pipeline Between XiaoChang & AnLu, HZLH Can Now Free Up Its 238 Specialist Staff For Other Mega Projects.

https://basic.10jqka.com.cn/833823/company.html

Renaissance Management Can Now Focus All Human Capital & Resources To Tender For Mega Oil & Gas Projects In The Region.

With The Records Of Billion Dollars Worth Of Past Projects Under Their Belt, They Should Stand As A Strong Contender To Tender For Any Major Or Mega Projects.