UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


WASHINGTON,
DC 20549





FORM
10-Q





x
            Quarterly
      Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
      1934


For
      the quarterly period ended:  October 31,
  2008





o
            Transition
      Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
      1934


For
      the transition period from ________ to
_________





Commission
File Number: 000-51388





TIGER
RENEWABLE ENERGY LTD.


(Exact
Name of Registrant as Specified in its Charter)





Nevada
              84-1665042(State
      or Other Jurisdiction of
              (IRS
      Employer IdentificationIncorporation
      or Organization)
              Number)





6600,
Trans-Canada, Suite 519


Pointe-Claire,
Quebec H9R 4S2


Canada


(Address
of Principal Executive Offices)





(514)
771-3795


(Registrant’s
Telephone Number, Including Area Code)





N/A


(Former
Name, Former Address and Former Fiscal Year,


If
Changed Since Last Report





Indicate
by check mark whether the registrant: (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days.


Yes xNo  ̈





Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of “large accelerated filer,” “accelerated filer” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act. (Check one):





Large
      Accelerated Filer
                 ̈
                
                Accelerated
      Filer
                 ̈Accelerated
      Filer
                 ̈
                
                Smaller
      Reporting Company
                x





Indicate
by check mark whether the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act). Yes  ̈No x





Indicate
the number of shares outstanding of each of the issuer’s classes of common
stock, as of the latest practicable date: The Issuer had 19,309,441 shares of
Common Stock, par value $.001, outstanding as of December
15, 2008.










TABLE
OF CONTENTS




PART
      I: FINANCIAL INFORMATIONItem
      1:
                Financial
      Statements
                5Item
      2:
                Management’s
      Discussion and Analysis of Financial Condition and Results of
      Operations
                12Item
      3:
                Quantitative
      and Qualitative Disclosures About Market Risk
                15Item
      4T:
                Controls
      and Procedures
                15PART
      II: OTHER INFORMATIONItem
      1:
                Legal
      Proceedings
                16Item
      2:
                Unregistered
      Sales of Equity Securities and Use of Proceeds
                16Item
      3:
                Defaults
      Upon Senior Securities
                16Item
      4:
                Submission
      of Matters to a Vote of Security Holders
                16Item
      5:
                Other
      Information
                16Item
      6:
                Exhibits
                17SIGNATURES
                18




2




PART
I: FINANCIAL INFORMATION





This
Quarterly Report on Form 10-Q (this “Quarterly Report”) includes forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These forward-looking statements can be
identified by the use of forward-looking terminology, including the words
“believes,” “contemplates,” “continues,” “estimates,” “anticipates,” “expects,”
“intends,” “may,” “will” or “should,” or, in each case, their negative or other
variations or comparable terminology. You should read statements that contain
these words carefully because they:




•
            discuss
      future expectations;





•
            contain
      projections of future results of operations or financial condition;
      or





•
            state
      other “forward-looking”
information.





We
believe it is important to communicate our expectations to our stockholders.
However, there may be events in the future that we are not able to predict
accurately or over which we have no control. The risk factors and cautionary
language discussed in this Quarterly Report provide examples of risks,
uncertainties and events that may cause actual results to differ materially from
the expectations described by us in such forward-looking statements, including
among other things:





•
            the
      impact of legislative and regulatory actions and reforms and regulatory,
      supervisory or enforcement actions of government actions relating to the
      Company;





•
            changes
      in political, economic or industry conditions, the interest rate
      environment or financial and capital markets, which could result in
      changes in demand for products or
services;





•
            terrorist
      activities and international hostilities, which may adversely affect the
      general economy, financial and capital
markets;





•
            the
      Company’s business strategy and
plans;





•
            the
      introduction, withdrawal, success and timing of business initiatives and
      strategies;





•
            harm
      to the Company’s reputation;





•
            fluctuations
      in customer demand;





•
            management
      of rapid growth;





•
            the
      impact of increased competition;





•
            the
      impact of future acquisitions; and





•
            the
      ability to attract and retain highly talented
    professionals.




By
their nature, forward-looking statements involve risks and uncertainties because
they relate to events and depend on circumstances that may or may not occur in
the future. We caution you that forward-looking statements are not guarantees of
future performance and that our actual results of operations, financial
condition and liquidity, and developments in the industry in which we operate
may differ materially from those made in or suggested by the forward-looking
statements contained in this Quarterly Report. In addition, even if our results
of operations, financial condition and liquidity, and developments in the
industry in which we operate, are consistent with the forward-looking statements
contained in this Quarterly Report, those results or developments may not be
indicative of results or developments in subsequent periods. You are cautioned
not to place undue reliance on these forward-looking statements, which speak
only as of the date of such statements.




3




All
forward-looking statements included herein are expressly qualified in their
entirety by the cautionary statements contained or referred to in this Quarterly
Report. Except to the extent required by applicable laws and regulations, the
Company undertakes no obligation to update these forward-looking statements to
reflect events or circumstances after the date of this Quarterly Report or to
reflect the occurrence of unanticipated events.




Unless
otherwise provided in this Quarterly Report, references to the “Company,” the
“Registrant,” the “Issuer,” “we,” “us,” and “our” refer to Tiger Renewable
Energy Ltd.




4




Item
1: Financial Statements




5




TIGER
RENEWABLE ENERGY LTD. AND SUBSIDIARY


(Formerly
Known As Tiger Ethanol International Inc.)


(A
Development Stage Company)


CONSOLIDATED
BALANCE SHEET





October
      31
                              
                              
                              January
      312008
                              
                              
                              2008(unaudited)
                              
                              
                              (audited)ASSETSCurrent
      assets:Cash
                              
                              $
                              5,351
                              
                              
                              $
                              334,730Sundry
      current assets
                              
                              
                              80,706
                              
                              
                              
                              60,691TOTAL
      CURRENT ASSETS
                              
                              
                              86,057
                              
                              
                              
                              395,421Property
      and equipment, at cost, less accumulated depreciation (Note
    3)
                              
                              
                              7,066,677
                              
                              
                              
                              4,840,279TOTAL
      ASSETS
                              
                              $
                              7,152,734
                              
                              
                              $
                              5,235,700LIABILITIES
      AND STOCKHOLDERS' EQUITYCURRENT
      LIABILITIES:Accounts
      payable and accrued liabilities (Note 4)
                              
                              $
                              2,520,980
                              
                              
                              $
                              166,584Note
      payable (note 5)
                              
                              
                              54,671
                              
                              
                              
                              250,000TOTAL
      CURRENT LIABILITIES
                              
                              
                              2,575,651
                              
                              
                              
                              416,584Minority
      interest in Joint Venture
                              
                              
                              55,613
                              
                              
                              
                              88,228STOCKHOLDERS'
      EQUITYCommon
      stock, $.001 par value, 100,000,000 shares authorized, 19,309,441 shares
      issued and outstanding
                              
                              
                              19,310
                              
                              
                              
                              18,383Additional
      paid-in capital
                              
                              
                              7,106,366
                              
                              
                              
                              6,550,074Deficit
      accumulated during development stage
                              
                              
                              (2,604,206
                              )
                              
                              
                              (1,837,569
                              )Total
      Stockholders' Equity
                              
                              
                              4,521,470
                              
                              
                              
                              4,730,888TOTAL
      LIABILITIES AND STOCKHOLDERS’ EQUITY
                              
                              $
                              7,152,734
                              
                              
                              $
                              5,235,700





The
accompanying notes are an integral part of the consolidated financial
statements.


6





TIGER
RENEWABLE ENERGY LTD. AND SUBSIDIARY


(Formerly
Known As Tiger Ethanol International Inc.)


(A
Development Stage Company)


CONSOLIDATED
STATEMENTS OF OPERATIONS


Three
Months and Nine Months Ended October 31, 2008 and 2007 and Period from September
9, 2004 (Inception) through October 31, 2008 (unaudited)








Three months
                  
                  
                  Nine months
                  
                  
                  InceptionEnded
                  
                  
                  Ended
                  
                  
                  Ended
                  
                  
                  Ended
                  
                  
                  throughOctober 31
                  
                  
                  October 31
                  
                  
                  October 31
                  
                  
                  October 31
                  
                  
                  October 312008
                  
                  
                  2007
                  
                  
                  2008
                  
                  
                  2007
                  
                  
                  2008General
      & administrative expenses
                  
                  $
                  277,783
                  
                  
                  $
                  337,174
                  
                  
                  $
                  716,123
                  
                  
                  $
                  776,180
                  
                  
                  
                  2,647,789Loss
      on exchange of accounts payable (Note 4)
                  
                  
                  17,118
                  
                  
                  
                  
                  
                  
                  
                  17,118
                  
                  
                  
                  
                  
                  
                  
                  17,118Loss
      on exchange of note payable (Note 5)
                  
                  
                  -
                  
                  
                  
                  38,554
                  
                  
                  
                  38,554Interest
      (revenue) expense
                  
                  
                  1,096
                  
                  
                  
                  (11,873
                  )
                  
                  
                  19,728
                  
                  
                  
                  (36,359
                  )
                  
                  
                  (15,389
                  )Foreign
      exchange (gain) loss
                  
                  
                  (2,088
                  )
                  
                  
                  (6,894
                  )
                  
                  
                  7,729
                  
                  
                  
                  (24,388
                  )
                  
                  
                  (9,703
                  )293,909
                  
                  
                  
                  318,407
                  
                  
                  
                  799,252
                  
                  
                  
                  715,433
                  
                  
                  
                  2,678,369Minority
      interest in Joint Venture
                  
                  
                  (18,424
                  )
                  
                  
                  (5,365
                  )
                  
                  
                  (32,615
                  )
                  
                  
                  (12,705
                  )
                  
                  
                  (74,163
                  )NET
      LOSS
                  
                  $
                  275,485
                  
                  
                  $
                  313,042
                  
                  
                  $
                  766,637
                  
                  
                  $
                  702,728
                  
                  
                  
                  2,604,206Basic
      and diluted loss per common share
                  
                  $
                  0.01
                  
                  
                  $
                  0.02
                  
                  
                  $
                  0.04
                  
                  
                  $
                  0.04
                  
                  
                  
                  N/AWeighted
      average number of common shares outstanding
                  
                  
                  19,290,421
                  
                  
                  
                  18,382,750
                  
                  
                  
                  18,802,395
                  
                  
                  
                  17,510,750
                  
                  
                  
                  N/A





The
accompanying notes are an integral part of the consolidated financial
statements.


7




TIGER
RENEWABLE ENERGY LTD. AND SUBSIDIARY


(Formerly
Known As Tiger Ethanol International Inc.)


(A
Development Stage Company)


CONSOLIDATED
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY


From
September 9, 2004, (Inception) through October 31, 2008 (
unaudited)





DeficitAccumulatedPaid
                                
                                
                                During theCommon Stock
                                
                                
                                In
                                
                                
                                DevelopmentShares
                                
                                
                                Amount
                                
                                
                                Capital
                                
                                
                                Stage
                                
                                
                                TotalShares
      issued to founders for cash
                                
                                
                                28,000,000
                                
                                
                                $
                                28,000
                                
                                
                                $
                                (27,600
                                )
                                
                                $
                                -
                                
                                
                                $
                                400Contribution
      to capital by founders
                                
                                
                                -
                                
                                
                                
                                -
                                
                                
                                
                                7,650
                                
                                
                                
                                -
                                
                                
                                
                                7,650Net
      loss
                                
                                
                                -
                                
                                
                                
                                -
                                
                                
                                
                                -
                                
                                
                                
                                (9,508
                                )
                                
                                
                                (9,508
                                )Balances
      at November 30, 2004
                                
                                
                                28,000,000
                                
                                
                                $
                                28,000
                                
                                
                                $
                                (19,950
                                )
                                
                                $
                                (9,508
                                )
                                
                                $
                                (1,458
                                )Shares
      issued for cash
                                
                                
                                7,162,750
                                
                                
                                
                                7,163
                                
                                
                                
                                95,185
                                
                                
                                
                                -
                                
                                
                                
                                102,348Offering
      Costs
                                
                                
                                -
                                
                                
                                
                                -
                                
                                
                                
                                (20,000
                                )
                                
                                
                                -
                                
                                
                                
                                (20,000
                                )Contribution
      to capital by founders
                                
                                
                                -
                                
                                
                                
                                -
                                
                                
                                
                                34,200
                                
                                
                                
                                -
                                
                                
                                
                                34,200Net
      loss
                                
                                
                                -
                                
                                
                                
                                -
                                
                                
                                
                                -
                                
                                
                                
                                (58,819
                                )
                                
                                
                                (58,819
                                )Balances
      at November 30, 2005
                                
                                
                                35,162,750
                                
                                
                                $
                                35,163
                                
                                
                                $
                                89,435
                                
                                
                                $
                                (68,327
                                )
                                
                                $
                                56,271Voluntary
      surrender common shares
                                
                                
                                (25,000,000
                                )
                                
                                
                                (25,000
                                )
                                
                                
                                25,000
                                
                                
                                
                                -
                                
                                
                                
                                0Compensation
      relating to the joint venture
                                
                                
                                5,000,000
                                
                                
                                
                                5,000
                                
                                
                                
                                138,000
                                
                                
                                
                                -
                                
                                
                                
                                143,000Shares
      and warrants issued for cash
                                
                                
                                500,000
                                
                                
                                
                                500
                                
                                
                                
                                999,500
                                
                                
                                
                                -
                                
                                
                                
                                1,000,000Contribution
      to capital by founders
                                
                                
                                -
                                
                                
                                
                                -
                                
                                
                                
                                17,533
                                
                                
                                
                                -
                                
                                
                                
                                17,533Stock-based
      compensation
                                
                                
                                -
                                
                                
                                
                                -
                                
                                
                                
                                74,766
                                
                                
                                
                                -
                                
                                
                                
                                74,766Net
      loss
                                
                                
                                -
                                
                                
                                
                                -
                                
                                
                                
                                -
                                
                                
                                
                                (511,635
                                )
                                
                                
                                (511,635
                                )Balances
      at November 30, 2006
                                
                                
                                15,662,750
                                
                                
                                $
                                15,663
                                
                                
                                $
                                1,344,234
                                
                                
                                $
                                (579,962
                                )
                                
                                $
                                779,935Shares
      and warrants issued for stock payable
                                
                                
                                250,000
                                
                                
                                
                                250
                                
                                
                                
                                499,750
                                
                                
                                
                                -
                                
                                
                                
                                500,000Stock-based
      compensation
                                
                                
                                -
                                
                                
                                
                                -
                                
                                
                                
                                31,522
                                
                                
                                
                                -
                                
                                
                                
                                31,522Net
      loss
                                
                                
                                -
                                
                                
                                
                                -
                                
                                
                                
                                -
                                
                                
                                
                                (295,772
                                )
                                
                                
                                (295,772
                                )Balances
      at January 31, 2007
                                
                                
                                15,912,750
                                
                                
                                $
                                15,913
                                
                                
                                $
                                1,875,506
                                
                                
                                $
                                (875,734
                                )
                                
                                $
                                1,015,685Shares
      and warrants issued for cash
                                
                                
                                2,250,000
                                
                                
                                
                                2,250
                                
                                
                                
                                4,497,750
                                
                                
                                
                                -
                                
                                
                                
                                4,500,000Shares
      issued pursuant to exercise of stock options
                                
                                
                                220,000
                                
                                
                                
                                220
                                
                                
                                
                                10,780
                                
                                
                                
                                -
                                
                                
                                
                                11,000Stock-based
      compensation
                                
                                
                                -
                                
                                
                                
                                -
                                
                                
                                
                                166,038
                                
                                
                                
                                -
                                
                                
                                
                                166,038Net
      loss
                                
                                
                                -
                                
                                
                                
                                -
                                
                                
                                
                                -
                                
                                
                                
                                (961,835
                                )
                                
                                
                                (961,835
                                )Balances
      at January 31, 2008
                                
                                
                                18,382,750
                                
                                
                                $
                                18,383
                                
                                
                                $
                                6,550,074
                                
                                
                                $
                                (1,837,569
                                )
                                
                                $
                                4,730,888Shares
      issued in exchange of note payable
                                
                                
                                771,070
                                
                                
                                
                                771
                                
                                
                                
                                500,425
                                
                                
                                
                                -
                                
                                
                                
                                501,196Shares
      issued in exchange of accounts
                                  payable
                                
                                
                                155,621
                                
                                
                                
                                156
                                
                                
                                
                                55,867
                                
                                
                                
                                -
                                
                                
                                
                                56,023Net
      loss
                                
                                
                                -
                                
                                
                                
                                -
                                
                                
                                
                                -
                                
                                
                                
                                (766,637
                                )
                                
                                
                                (766,637
                                )Balances
      at October 31, 2008
                                
                                
                                19,309,441
                                
                                
                                $
                                19,310
                                
                                
                                $
                                7,106,366
                                
                                
                                $
                                (2,604,206
                                )
                                
                                $
                                4,521,470





The
accompanying notes are an integral part of the consolidated financial
statements.


8


TIGER
RENEWABLE ENERGY LTD. AND SUBSIDIARY


(Formerly
Known As Tiger Ethanol International Inc.)


(A
Development Stage Company)





CONSOLIDATED
STATEMENTS OF CASH FLOWS


Nine
Months Ended October 31, 2008 and 2007 and Period from September 9, 2004
(Inception)


through
October 31, 2008 (unaudited)





InceptionNine
      months
                            
                            
                            Nine
      months
                            
                            
                            throughEnded
      October 31
                            
                            
                            Ended
      October 31
                            
                            
                            October
      312008
                            
                            
                            2007
                            
                            
                            2008Cash
      flows from operating activities:Net
      loss
                            
                            $
                            (766,637
                            )
                            
                            $
                            (702,728
                            )
                            
                            $
                            (2,604,206
                            )Adjustments
      to reconcile net loss to net cash used in operating
      activities:Imputed
      rent and salary expense
                            
                            
                            -
                            
                            
                            
                            -
                            
                            
                            
                            59,383Stock-based
      compensation expense
                            
                            
                            -
                            
                            
                            
                            166,038
                            
                            
                            
                            272,326Non-cash
      stock compensationrelating
      to the joint venture
                            
                            
                            -
                            
                            
                            
                            
                            
                            
                            
                            143,000Minority
      interest in joint venture
                            
                            
                            (32,615
                            )
                            
                            
                            (12,705
                            )
                            
                            
                            (74,163
                            )Depreciation
                            
                            
                            2,720
                            
                            
                            
                            
                            
                            
                            
                            6,346Loss
      on exchange of accountspayable
      (Note 4)
                            
                            
                            17,118
                            
                            
                            
                            
                            
                            
                            
                            17,118Interest
      on note payable
                            
                            
                            12,642
                            
                            
                            
                            
                            
                            
                            
                            12,642Loss
      on exchange of note payable (Note 5)
                            
                            
                            38,554
                            
                            
                            
                            
                            
                            
                            
                            38,554Changes
      in:Sundry
      current assets
                            
                            
                            (20,015
                            )
                            
                            
                            (26,239
                            )
                            
                            
                            (80,706
                            )Accounts
      payable and accrued liabilities
                            
                            
                            320,025
                            
                            
                            
                            42,597
                            
                            
                            
                            440,730Net
      cash used in operating activities
                            
                            
                            (428,208
                            )
                            
                            
                            (533,337
                            )
                            
                            
                            (1,768,976
                            )Cash
      flows from investing activities:Property
      and equipment
                            
                            
                            (155,841
                            )
                            
                            
                            (4,317,850
                            )
                            
                            
                            (4,953,867
                            )Net
      cash used in investing activities
                            
                            
                            (155,841
                            )
                            
                            
                            (4,317,850
                            )
                            
                            
                            (4,953,867
                            )Cash
      flows from financing activities:Investment
      by minority interest
                            
                            
                            -
                            
                            
                            
                            73,077
                            
                            
                            
                            129,776Proceeds
      from sale of common stock and warrants
                            
                            
                            -
                            
                            
                            
                            4,511,000
                            
                            
                            
                            5,582,748Proceeds
      pursuant to exercise of stock options
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            11,000Stock
      payable: common stock and warrants
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            
                            500,000Proceeds
      from note payable
                            
                            
                            254,670
                            
                            
                            
                            -
                            
                            
                            
                            595,956Loan
      repayments
                            
                            
                            -
                            
                            
                            
                            -
                            
                            
                            
                            (91,286
                            )Net
      cash provided by financing activities
                            
                            
                            254,670
                            
                            
                            
                            4,584,077
                            
                            
                            
                            6,728,194Net
      change in cash
                            
                            
                            (329,379
                            )
                            
                            
                            (267,110
                            )
                            
                            
                            5,351Cash
      at beginning of period
                            
                            
                            334,730
                            
                            
                            
                            1,063,780
                            
                            
                            
                            -Cash
      at end of period
                            
                            $
                            5,351
                            
                            
                            $
                            796,670
                            
                            
                            $
                            5,351Supplemental Information:Interest
      paid
                            
                            $
                            -
                            
                            
                            $
                            -
                            
                            
                            $
                            1,436





The
accompanying notes are an integral part of the consolidated financial
statements.


9


NOTES
TO FINANCIAL STATEMENTS





1.  BASIS
OF PRESENTATION





The
accompanying unaudited interim financial statements of Tiger Renewable Energy
Ltd. (formally known as Tiger Ethanol International Inc.) have been prepared in
accordance with accounting principles generally accepted in the United States of
America and the rules of the Securities and Exchange Commission, and should be
read in conjunction with the audited financial statements and notes thereto
contained in the Company’s Annual Report on Form 10-KSB. In the opinion of
management, all adjustments, consisting of normal recurring adjustments,
necessary for a fair presentation of financial position and the results of
operations for the interim periods presented have been reflected herein. The
results of operations for interim periods are not necessarily indicative of the
results to be expected for the full year. Notes to the financial statements that
would substantially duplicate the disclosure contained in the audited financial
statements for the year ended January 31, 2008, as reported in the Company’s
Form 10-KSB, have been omitted.





2. GOING
CONCERN




The
Company's financial statements are prepared in accordance with generally
accepted accounting principles applicable to a going concern. The Company’s
ability to become and maintain itself as a going concern is dependant upon its
ability to raise additional funds through either the sale of equity securities
or issuance of debt. The Company believes it will be able to raise the
additional financing necessary for the Company to become and maintain itself as
a going concern, however, there is no assurance that financing will be obtained.
To date, the
required additional capital has not been obtained and construction of the plant
has not been completed.  The current climate for raising new capital
in the United States and Europe make it unlikely that new capital will come from
either of those regions.  The focus in recent months has been on Asian
capital sources.  A Hong Kong-based financial agent has been retained
to identify possible sources of capital and discussions are
underway.




Until the
completion of such financing, there remains uncertainty regarding the Company’s
ability to become and maintain itself as a going concern. The financial
statements do not include any adjustments that might result from the outcome of
this uncertainty.





3.
PROPERTY AND EQUIPMENT





Machinery,
construction in progress and automobile are stated at cost, net of accumulated
depreciation. Depreciation of the automobile is computed using the straight-line
method over 5 years. The machinery and the construction in progress will begin
to be depreciated once the construction of the plant is completed.




10




October 31,
                          2008
                        
                        
                        January 31,
                          2008Deposit
      on machinery
                        
                        $
                        4,417,557
                        
                        
                        $
                        2,940,281Construction
      in progress
                        
                        
                        2,637,336
                        
                        
                        
                        1,885,494Automobile
                        
                        
                        18,130
                        
                        
                        
                        18,1307,073,023
                        
                        
                        
                        4,843,905Less:
      accumulated depreciation
                        
                        
                        (6,346
                        )
                        
                        
                        (3,626
                        )Balance
                        
                        $
                        7,066,677
                        
                        
                        $
                        4,840,279





4.
 ACCOUNTS PAYABLES AND ACCRUED LIABILITIES





On August
12, 2008, one of the Company’s lawyers sold his receivable from the Company in
the amount of $38,905 to Buck Master Overseas S.A. The corporation Buck Master
Overseas S.A. then exchanged $38,905 of accounts payables for 155,621 shares of
the Company’s common stock.  The conversion price of these shares of
the Company’s common stock, $.25 per share, is equal to the proposed maximum
exchange offering purchase price per share provided in the Registration
Statement Form S-1/A which resulted in a cost of $17,118 for the
Company.   The aforementioned stock issuance transaction was made
with non-U.S. persons and was undertaken by the Company in reliance upon the
exemption from securities registration of Regulation S of the U.S. Securities
Act of 1933, as amended, and the rules and regulations promulgated
thereunder.  The amount owed to such lawyer at October 31, 2008 is
$0.  The amount of $447,704 represents accounts payable and accrued
professional fees, $2,073,276 is for property plant and equipment
payables.





5. NOTE
PAYABLE





During
the three months ended July 31, 2008, the Company received an additional loan of
$172,376 from DT Crystal Limited.  On June 19, 2008, DT Crystal
Limited exchanged $450,000 of the loan plus accrued interest of $12,642
totalling $462,642 into 771,070 shares of the Company’s common
stock.  The conversion price of these shares of the Company’s common
stock, $.60 per share, is equal to the simple average of the selling price of
the Company’s common stock traded during the Fifteen (15) business days prior to
the closing date of this transaction, minus an adjustment of 7.5%, which
resulted in a loss of $38,554 for the Company.   The amount owed
to DT Crystal Limited at October 31, 2008 is $43,843. The Company received loans
totalling $10,828 from unrelated parties. The Company’s loans from DT Crystal
Limited bear interest at 10% and are payable on demand.





6. JOINT
VENTURE





On
November 23, 2006 the Company invested in a joint venture named Xinjiang Yajia
Distillate Company Limited (the “Venture”) to produce ethanol in the People’s
Republic of China. The Company owns 90% of the Venture. Xinjiang Wangye Brewing
Co. Ltd. and Guangdong Kecheng Trading Co. Ltd. each own 5% of the Venture. This
ethanol will be produced from agricultural products. As at October 31, 2008, the
Company has contributed $5,320,081 (RMB 39,900,608), including $3,732,000 (RMB
27,990,000) to registered capital and $1,618,659 (RMB 11,910,608) to investment.
The two partners have each contributed $64,888 (RMB 486,660) and have to
contribute RMB 2,623,340 to complete their contribution to registered capital of
the joint venture.





11





Item
2: Management’s Discussion and Analysis of Financial Condition and Results of
Operations





The
Company’s Operations





The
following discussion of the financial condition and results of operations of the
Company should be read in conjunction with the financial statements and the
related notes thereto included elsewhere in this Quarterly Report. This
Quarterly Report contains certain forward- looking statements and the Company's
future operating results could differ materially from those discussed herein.
Certain statements contained in this Quarterly Report, including, without
limitation, statements containing the words "believes", "anticipates," "expects"
and the like, constitute "forward- looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward- looking statements
involve known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Company to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. Given these uncertainties, readers
are cautioned not to place undue reliance on such forward-looking
statements.





The
Company disclaims any obligation to update any such factors or to announce
publicly the results of any revisions of the forward-looking statements
contained or incorporated by reference herein to reflect future events or
developments.





Overview





The
Company was incorporated in the State of Nevada on September 9, 2004 as Arch
Management Services Inc. A change of control of the Company occurred on June 5,
2006 and the Company changed its name from “Arch Management Services Inc.” to
“Tiger Ethanol International Inc.” The Company’s trading symbol on the
over-the-counter bulletin board is TGRW.OB.





On
February 11, 2008 the Company changed its name to Tiger Renewable Energy
Ltd.





Development
Stage Expenditures





Development
stage expenditures during the nine-month period ended October 31, 2008 were
$766,637, which consisted primarily of $337,917 in professional fees, $263,649
in salaries and $28,035 in travel expenditures.  As for the nine-
month period ended October 31, 2007, the expenseswere $702,728 which
consisted primarily of $192,591 in professional fees, $263,155 in salaries and
$57,589 in travel expenditures and $166,038 in compensation expenses. As for the
three month period ended October 31, 2008, the expenses were $275,485 and
consisted primarily of $188,116 in professional fees and $69,557 in salaries.
For the three month period ended October 31, 2007, the expenses were $313,042
and consisted primarily of $69,417 in professional fees, $91,880 in salaries and
$19,518 in travel expenditures and $134,516 in compensation
expenses.





Financial
Condition, Liquidity and Capital Resources





The
Company's principal capital resources have been acquired through the sale of
shares of its common stock.





At
October 31, 2008, the Company had negative working capital of $2,489,594
compared to negative working capital of $21,163 at January 31, 2008. This change
is primarily the result of construction disbursements in China and development
stage expenditures.





At
October 31, 2008, the Company had total assets of $7,152,734 consisting of cash,
current assets and property and equipment. At October 31, 2007 the Company had
total assets $5,235,700. This change is primarily the result of accounts payable
on property and equipment.





At
October 31, 2008, the Company's total liabilities were $2,631,264. The Company's
liabilities at January 31, 2008, were $504,812. The amount of $447,704
represents accounts payable and accrued professional fees, $2,073,276 is for
property plant and equipment payables and $54,671 is a note payable. The
minority interest of $55,613 ($88,228 as at January 31, 2008) represents the
participation to capital by the Company’s two partners in the Joint
Venture.





12




Results of Operations





The
Company has entered into a joint venture named Xinjiang Yajia Distillate Company
Limited (the "Venture") to produce ethanol in the People's Republic of China.
The Venture will be located in Guangdong Industrial zone, Hami Shi, Xinjiang
Province, People’s Republic of China.  The Company owns 90% of the
Venture.  Xinjiang Wangye Brewing Co. Ltd. and Guangdong Kecheng Trading
Co. Ltd. each own 5% of the Venture.  All the activities of the Venture
will be carried on in accordance with the laws, decrees, rules and regulations
of the People’ Republic of China. The Venture will take the form of a limited
liability company. It will have a term of ten years as of the date on which the
business licence of the Venture is issued. At the liquidation of the Venture,
the properties of the Venture will be distributed in proportion to the
respective investment of each party.




Each
party to the Venture will be liable for the Venture’s debts only to the extent
of its investment therein. The profits of the Venture will be shared by the
parties in proportion to their respective contributions to the total registered
capital of the Venture, which as of the end of the period covered by this
Quarterly Report, was as follows:




Initially,
the total investment in the Venture was set at RMB 14,000,000 out of which RMB
10,000,000 was registered capital.  This amount was divided between
the three parties as follows:





Xinjiang
      Wangye Brewing Co. Ltd.:
                  RMB
      500,000
                  
                  
                  5
                  %Guangdong
      Kecheng Trading Co. Ltd:
                  RMB
      500,000
                  
                  
                  5
                  %Tiger
      Renewable Energy Ltd.:
                  RMB
      9,000,000
                  
                  
                  90
                  %





On
November 25, 2006 and June 6, 2007, the three parties executed Memorandums which
collectively provide for the increase of the total investment in the Venture to
RMB 50,000,000, including registered capital of RMB 31,100,000 and investment of
RMB 18,900,000. The participation of each party remains the same, and the
Company anticipates that its total contribution will equal RMB 45,000,000. Of
this amount, to date, the Company has contributed $5,320,081 (RMB 39,900,608),
including $3,732,000 (RMB 27,990,000) to registered capital and $1,618,659 (RMB
11,910,608) to investment. The Company’s two partners have each contributed
$64,888 (RMB 486,660). The Memorandum provides that the Company will use
commercially reasonable efforts to facilitate bank loans to enable Xinjiang
Wangye Brewing Co. Ltd. and Guangdong Kecheng Trading Co. Ltd to invest in the
Venture a total
amount of approximately $125,000 each, the said amounts being used for the
payment of their registered capital. Xinjiang Wangye Brewing Co. Ltd. and
Guangdong Kecheng Trading Co. Ltd will provide their shareholder’s rights in the
Venture to the Company as a guaranty for the Venture to the Company as a
guaranty for the bank loans.





Total
      Investment:
              RMB
      50,000,000





Investment
contributed by the parties in total registered capital





Xinjiang
      Wangye Brewing Co. Ltd.:
                    RMB
      1,555,000
                    
                    
                    5
                    %Guangdong
      Kecheng Trading Co. Ltd:
                    RMB
      1,555,000
                    
                    
                    5
                    %Tiger
      Ethanol International Inc.:
                    RMB
      27,990,000
                    
                    
                    90
                    %





On
November 25, 2006 one RMB was equal to 0.1247USD. The RMB 1,555,000 to be
contributed by each of Xinjiang Wangye Brewing Co. Ltd. and Guangdong Kecheng
Trading Co. Ltd to registered capital includes the $125,000 described
above.





The
responsibilities of the Company within the Venture will include providing the
financial contribution described above, assisting with the Venture’s productive
activities, assisting the Venture with technology and advanced management,
handling matters relating to the selection and purchase of machinery and
equipment outside China, providing assistance concerning the installation,
testing and trial production using imported equipment, training technical
personal, management personal and the other workers of the Venture, managing the
finances of the Venture and its movements of funds, to be responsible for such
other matters as it may be entrusted by the Venture.





13




The
Venture is governed by a Board of Directors consisting of five members, one of
which is appointed by Xinjiang Wangye Brewing Co. Ltd., one by Guangdong Kecheng
Trading Co. Ltd and three by the Company.  The Chairman and
Vice-Chairman of the Board are appointed by the Board and have a term of office
of four years, which term may be renewed. Resolutions of the Ventures’ Board are
adopted or rejected upon a majority vote, except that certain significant issues
concerning strategic direction require unanimous approval. The operation and
management of the Venture are overseen by a General Manager nominated by
Guangdong Kecheng Trading Co. Ltd for a period of four years. The General
Manager’s duties and responsibilities consist of carrying out the various
resolutions of the Venture’s Board of Directors and to organize and manage the
daily operations of the Venture. The General Manager has the authority to
delegate duties to subordinates; however, he retains overall operating
responsibility. The General Manager of the Venture reports directly to the
Company’s Chief Executive Officer.





Effective
as of September 9, 2008, Mr. James Pak Chiu Leung resigned as the Company’s
Chief Executive Officer and as a member of the Company’s Board of Directors. As
of September 12, 2008, the Company appointed Robert George Clarke as Chief
Executive Officer. Mr. Clarke has served as the Company’s Chairman and member of
the Company’s Board of Directors since July 15, 2008. At the present time, Mr.
Clarke is not receiving any compensation for his services to the
Company.





The
Venture intends to initially construct and operate a 20,000 metric ton annual
capacity ethanol plant in Hami District. The Venture began constructing its
ethanol plant in May of 2007. As discussed below, the Venture plans to operate
this fuel ethanol production plant in Western China. The Venture plans to
initially utilize locally grown corn as its bio-mass supply; however the Venture
may switch to the use of sugar beets over a period of several years. The Hami
plant is expected to commence production in March of 2009.  After the
Hami plant commences operations, it will take approximately eight months to
achieve the full design annual production rate of 20,000 metric tons. The
Company will require approximately fifty (50) employees prior to commencing
production. At full capacity the plant is expected to employ a total of between
eighty (80) and one hundred and twenty (120) production and administrative
workers. (The prevailing labor rates in Western China expected to be paid to the
Venture’s employees are approximately $2,400 per year at current exchange
rates). At the present time, the Company has ten (10) employees in
China.





To
commence the production of ethanol, the Venture anticipates that it will require
$10,000,000 for all costs including construction, plant ramp-up, associated
initial production costs and working capital. The Venture plans to expend
approximately $7,000,000 on engineering, construction and related costs for
plant and equipment. It is anticipated that these expenditures will include
approximately $1,500,000 for the ethanol plant, $1,125,000 for a steam plant,
$1,375,000 for a recycling water station, storage tanks and an air pressure
station, $500,000 for a workers’ dormitory and warehouse, $400,000 for a water
treatment pool and $2,100,000 for other expenses. To date, the Venture has spent
$5,000,000 of the $7,000,000 in planned expenditures on engineering and
construction. We anticipate that we will need to raise an additional $5,700,000
to complete the ethanol manufacturing plant and commence
production.





To date,
the required additional capital has not been obtained and construction of the
plant has not been completed.  The current climate for raising new
capital in the United States and Europe make it unlikely that new capital will
come from either of those regions.  The focus in recent months has
been on Asian capital sources.  A Hong Kong-based financial agent has
been retained to identify possible sources of capital and discussions are
underway.





The
production of fuel ethanol from corn bio-mass is a well developed process used
today in many parts of the world. In addition, depending on the success of local
farmers in the cultivation of sugar beets, the Venture may switch from corn to
sugar beets over the first two to three years of operations, which the Venture
is confident could also be utilized in ethanol production. Accordingly, the
Venture does not anticipate extensive expenditure for research and development
in order to contrast its manufacturing facility and achieve economic levels of
operation. However, the Venture does anticipate that once economic operations
have been achieved, there will be limited research and development expenditures
necessary to accomplish improvements in operating efficiency. Beyond
constructing and operating its initial operating plant, the Venture may invest
in significant third-party research and development activities intended to
broaden the raw materials suitable for bio-mass use beyond those now useable in
order to reduce the impact of ethanol production on the food supply. Should the
Venture choose to make such investments in third-party research and development
activities, it is anticipated that between $3,000,000 and $5,000,000 may be
required.





14




The
Company intends to provide funding for construction, working capital, hiring and
initial research and development, if any, through a combination of the private
placement of its equity securities, the public sales of its equity securities
and limited borrowing from banks located in Western China.





Off
Balance Sheet Arrangements





The
Company does not have any off balance sheet arrangements that have or are
reasonably likely to have a current or future effect on the Company's financial
condition, changes in financial condition, revenues or expenses, results of
operations, liquidity, capital expenditures or capital resources.





Item
3: Quantitative and Qualitative Disclosures About Market Risk





Not
Applicable.





Item
4T: Controls and Procedures





As of the
end of the period covered by this Report, an evaluation was carried out under
the supervision and with the participation of our management, including our
Chief Executive Officer and Chief Financial Officer, of the effectiveness of our
disclosure controls and procedures, as defined in Rule 13a-15(e) and Rule
15d-15(e) promulgated under the Securities and Exchange Act of 1934 (the
“Exchange Act”). Based on their evaluation, the Company’s Chief Executive
Officer and Chief Financial Officer have concluded that the Company’s disclosure
controls and procedures were not effective to ensure that information required
to be disclosed by the Company in reports that it files or submits under the
Exchange Act is recorded, processed, summarized and reported within the time
periods specified in Securities and Exchange Commission rules and forms and this
information is accumulated and communicated to management, including the
Company’s Chief Executive Officer and Chief Financial Officer, to allow timely
decisions regarding required disclosures.





Changes
in Internal Control Over Financial Reporting





As
reported in the Company’s Annual Report for the year ended January 31, 2008, the
Company evaluated its internal control over financial reporting, under the
supervision of the Company’s Chief Financial Officer as of January 31, 2008.
Based on its evaluation, management concluded that the Company’s internal
control over financial reporting was not effective as of January 31, 2008
because it identified a material weakness in its internal control over the
period-end financial reporting process.





The
Company is in the process of improving its internal control over financial
reporting in an effort to remediate this material weakness by improving
period-end closing procedures and requiring all period-end recurring and
non-recurring adjustments be reviewed by the Chief Financial
Officer.





There
have been no changes in the Company’s internal controls over financial reporting
during the quarter ended October 31, 2008 that have materially affected, or are
reasonably likely to materially affect, the Company’s internal controls over
financial reporting.




15





PART
II: OTHER INFORMATION




Item
1: Legal Proceedings




The
Company is not, and has not been during the period covered by this Quarterly
Report, a party to any legal proceedings.




Item
2: Unregistered Sales of Equity Securities and Use of Proceeds





On August
12, 2008, Pellerin lawyers exchanged $38,905 of accounts payables for 155,621
shares of the Company’s common stock.  The conversion price of these
shares of the Company’s common stock, $.25 per share, is equal to the proposed
maximum exchange offering purchase price per share provided in the Registration
Statement Form S-1/A which resulted in a cost of $17,118 for the
Company.   The aforementioned stock issuance transaction was made
with non-U.S. persons and was undertaken by the Company in reliance upon the
exemption from securities registration of Regulation S of the U.S. Securities
Act of 1933, as amended, and the rules and regulations promulgated
thereunder.





Item
3: Defaults Upon Senior Securities





Not
Applicable.




Item
4: Submission of Matters to a Vote of Security Holders




There
have been no meetings of security holders during the period covered by this
Quarterly Report.




No
matters were submitted to the vote of the Company’s security holders during the
period covered by this Quarterly Report.




Item
5: Other Information




Not
Applicable.




16




Item
6: Exhibits





(a)
  Exhibits





Exhibit
      No.
              
              Description of ExhibitsExhibit
      10.28
              
              Exchange
      Agreement by and between the Company and Pellerin lawyers, dated as
      of  August 12, 2008.Exhibit
      31.1
              
              Certification
      of Principal Executive Officer pursuant to Section 302 of the
      Sarbanes-Oxley Act of 2002.Exhibit
      31.2
              
              Certification
      of Principal Financial Officer pursuant to Section 302 of the
      Sarbanes-Oxley Act of 2002.Exhibit
      32.1
              
              Certification
      of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as
      adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
      2002.Exhibit
      32.2
              
              Certification
      of the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as
      adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
      2002.





17




SIGNATURES





Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.





TIGER
      RENEWABLE ENERGY LTD.(Registrant)Dated:
      December 15, 2008By:
                        /s/
      Robert George ClarkeName:
                        Robert
      George ClarkeTitle:
                        Principal
      Executive OfficerDated:
      December 15, 2008By:
                        /s/
      Michel St-PierreName:
                        Michel
      St-PierreTitle:
                        Principal
      Financial Officer and
                          Chief
      Accounting
Officer





18