MIRA INFORM REPORT

 

 

Report Date :

09.05.2013

 

IDENTIFICATION DETAILS

 

Name :

BLUCONNECTION PTE. LTD.

 

 

Registered Office :

4 Battery Road, 25-01, Bank Of China Building, 049908, Singapore.

 

 

Country :

Singapore

 

 

Date of Incorporation :

21.12.2009

 

 

Com. Reg. No.:

200923720-d

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

Manufacture of denim

 

 

No. of Employees :

40 [2013]

 

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 :

Unknown 

 

 

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 31st 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

 

Source : CIA

 

 

 


* Adopted abbreviations :

SC - Subject Company (the company enquired by you)

 

 

 

N/A - Not Applicable

 

 

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

200923720-D

COMPANY NAME

:

BLUCONNECTION PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

21/12/2009

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED (LIMITED BY SHARE)

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

4 BATTERY ROAD, 25-01, BANK OF CHINA BUILDING, 049908, SINGAPORE.

BUSINESS ADDRESS

:

2 JIAK CHAUN ROAD, 089260, SINGAPORE.

TEL.NO.

:

65-91253501

FAX.NO.

:

65-65570525

WEB SITE

:

WWW.BLUCONNECTION.COM

CONTACT PERSON

:

BOCK ALEXANDER ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

MANUFACTURE OF DENIM

 

 

 

ISSUED AND PAID UP CAPITAL

:

736,500.00 ORDINARY SHARE, OF A VALUE OF SGD 2,859,997.50
400,000.00 PREFERENCE SHARE, OF A VALUE OF SGD 1,460,000.00

 

 

 

SALES

:

N/A

NET WORTH

:

N/A

 

 

 

STAFF STRENGTH

:

40 [2013]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

N/A

CURRENCY EXPOSURE

:

N/A

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MATURE

 

HISTORY / BACKGROUND

 

The SC 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 SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC 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 SC is insolvent. The SC 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 SC is principally engaged in the (as a / as an) manufacture of denim.

 

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

Name

Address

IC/PP/Loc No

Shareholding

(%)

PETER ZINSER +

210 OCEAN DRIVE, 04-13, BERTH BY THE COVE, THE, 098625, SINGAPORE.

S2717573B

180,000.00

15.84

HINWORLD INVESTMENT LIMITED

UNIT 18, 8/F PACIFIC TRADE CENTRE, 2 KAI HING ROAD, KOWLOON BAY, KOWLOON, HONG KONG.

T10UF1715G

180,000.00

15.84

CONFIRCONT COMPAGNIA FIDUCIARIA SPA

VIA SANT' ANDERA 10/A, MILANO, 20121, ITALY.

T10UF3611C

180,000.00

15.84

CHUAN LIM CONSTRUCTION PTE LTD

20 SENOKO DRIVE, 758207, SINGAPORE.

199600684

176,500.00

15.53

MATTHIAS PATRICK OSTERTAG +

VOLKERSTR. 46, 65187 WIESBADEN, GERMANY.

702116583

80,000.00

7.04

ANDREAS MENDEL +

278 OCEAN DRIVE, 02-11, CPAST @ SENTOSA COVE, THE, 098450, SINGAPORE.

S2764114H

60,000.00

5.28

BOCK ALEXANDER +

44 HIGHGATE CRESCENT, 598825, SINGAPORE.

G5951876W

60,000.00

5.28

STEPHAN LOTHAR CZIRNIK

RUMA VILLAPALM INDAH, JALAN KUNTI, TIMUR 14, DENPASAR, 80361, INDONESIA.

C4JNL31NT

40,000.00

3.52

PAUL BRIAN COWELL

53 WEST COAST GREEN, HONG LEONG GARDEN, 127921, SINGAPORE.

S7268695J

30,000.00

2.64

DR. THOMAS HUFNAGEL

7 NATHAN ROAD, 02-03, REGENCY PARK, 248728, SINGAPORE.

S2765253J

30,000.00

2.64

MAX HANS JOERG SCHULZE

110 SHEUNG SZE WAN, CLEARWATER, BAY, N.T., HONG KONG.

C4KRJM28J

20,000.00

1.76

KAREN LIM TYN TYNG COWELL

53 WEST COAST GREEN, HONG LEONG GARDEN, 127921, SINGAPORE.

S7728425G

20,000.00

1.76

GEORG SCHNITZER

GRABEN STR. 26, D-90552, ROETHENBACH, GERMANY.

CG6JL13WY

20,000.00

1.76

BERND STORZ

KEILBACH KROKUESWEG 20, KETSCH, 68775, GERMANY.

651124997

20,000.00

1.76

SUSANNE ROSWITHA STORZ NEE

KEILBACH KROKUESWEG 20, KETSCH, 68775, GERMANY.

6511218905

20,000.00

1.76

JUERGEN WALTER SASSE

SEPP-HERBERGER-STR 27, 48485,NEUENKIRCHEN, GERMANY.

547106860

10,000.00

0.88

LUIZ ANTONIO HORNER

RUA: LORD COCKRANE-275, CEP: 04213-000 SAO PAULO-SP, BRAZIL.

CY945964

10,000.00

0.88

 

 

 

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

------

 

 

 

1,136,500.00

100.00

 

 

 

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

=====

+ Also Director

 

DIRECTORS

 

DIRECTOR 1

Name Of Subject

:

SHIU KEE WONG

Address

:

HOUSE F2 MARINA COVE, SAI KUNG, HONG KONG.

IC / PP No

:

KJ0002292

 

 

 

 

 

 

 

 

 

 

 

 

Date of Appointment

:

01/05/2010

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

Name Of Subject

:

BOCK ALEXANDER

Address

:

44 HIGHGATE CRESCENT, 598825, SINGAPORE.

IC / PP No

:

G5951876W

 

 

 

 

 

 

 

 

 

 

 

 

Date of Appointment

:

01/03/2010

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 3

Name Of Subject

:

ANDREAS MENDEL

Address

:

278 OCEAN DRIVE, 02-11, CPAST @ SENTOSA COVE, THE, 098450, SINGAPORE.

IC / PP No

:

S2764114H

 

 

 

 

 

 

 

 

 

 

 

 

Date of Appointment

:

01/04/2010

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 4

 

Name Of Subject

:

MATTHIAS PATRICK OSTERTAG

Address

:

VOLKERSTR. 46, 65187 WIESBADEN, GERMANY.

IC / PP No

:

702116583

 

 

 

 

 

 

 

 

 

 

 

 

Date of Appointment

:

01/05/2010

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 5

 

Name Of Subject

:

PETER ZINSER

Address

:

210 OCEAN DRIVE, 04-13, BERTH BY THE COVE, THE, 098625, SINGAPORE.

IC / PP No

:

S2717573B

 

 

 

 

 

 

 

 

 

 

 

 

Date of Appointment

:

23/02/2010

 

 

 



MANAGEMENT

 

 

 

1)

Name of Subject

:

BOCK ALEXANDER

 

Position

:

DIRECTOR

 

 

 

AUDITOR

 

Auditor

:

ENTRUST PUBLIC ACCOUNTING CORPORATION

Auditor' Address

:

N/A

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

ANNA MARDIANA ALISJAHBANA

 

IC / PP No

:

S2205619J

 

 

 

 

 

Address

:

46 EASTWOOD ROAD, 04-06, LAGUNA 88, 486356, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

 

 

2)

Company Secretary

:

IAN NG FOOK YUN

 

IC / PP No

:

S2565916C

 

 

 

 

 

Address

:

151 CAVENAGH ROAD, 09-161, CAVENAGH COURT, 229682, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

BANKING


No Banker found in our databank. 

 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation. 

 

LEGAL CHECK AGAINST SC


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

No legal action was found in our databank. 

No winding up petition was found in our databank. 

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

N/A

Overseas

:

N/A

 

 

 


The SC refused to disclose its supplier. 

 

CLIENTELE

 

Local

:

N/A

 

 

 

Overseas

:

N/A

 

 

 

 

The SC refused to disclose its clientele information. 

 

OPERATIONS

 

Products manufactured

:

DENIM, DYES FOR DENIM

 

 

 

 

Total Number of Employees:

YEAR

2013

 

GROUP

N/A

 

 

 

 

 

 

 

 

COMPANY

40

 

 

 

 

 

 

 

 

 

Branch

:

NO

 

 

Other Information:


The SC is principally engaged in the (as a / as an) manufacture of denim. 

Bluconnection supply the denim manufacturing industry with the most innovative, cost-efficient and eco friendly product in the market. They started production of denimblu30 (pre-reduced indigo solution) in their Singapore manufacturing facility in July 2010. Being headquartered in Singapore, Bluconnection have access to growing Asian denim markets and also to the stable established denim markets with their global team of experts based in china, Hong Kong, Europe, Brasil, Africa and NME.

Bluconnection are a multinational, multicultural group of people with a shared passion to develop market leading products and solutions. Their prime target is to connect people together across cultures and countries who share similar ethical values and who are committed to achieve business success.

With many years of global denim, and management experience, the company's prime target is to become the leading service provider for the denim industry. Bluconnection have established long term relationships with key customers and brands. They have close cooperation with raw material, dye and auxiliary manufacturers. They have expert partners in the area of customised engineering, process control and research. 

Bluconnection offers a full range of products, led by denimblu30, which they regard as the state of the art product for the dyeing of denim. With their e-cost program they will develop together with customers and partners new and innovative green technologies that will also have significant cost reduction potentials for the dyeing of indigo.

The SC involved in the following activities: 

* market leading dyes, auxiliaries and services for the denim industry and beyond 

* independent consultants to support denim manufacture

* fashionable and unique products 

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-91253501

Match

:

N/A

 

 

 

Address Provided by Client

:

2 JIAK CHUAN ROAD SINGAPORE 089260

Current Address

:

2 JIAK CHAUN ROAD, 089260, SINGAPORE.

Match

:

YES

 

 

 

 

Other Investigations

we contacted the SC and he provide limited information on SC.

The SC refused to disclose its banker.

FINANCIAL ANALYSIS

 

No latest financial accounts are available at the Registry Office, thus we are not able to comment on the SC's financial performance.

 

 

 

 

 

 

 

Overall financial condition of the SC : N/A

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2006

2007

2008

2009

2010

 

 

 

 

 

 

Population (Million)

4.40

4.58

4.84

4.98

5.08

Gross Domestic Products ( % )

8.7

8.8

1.5

<0.8>

14.5

Consumer Price Index

1.0

2.1

6.6

0.6

2.8

Total Imports (Million)

378,924.1

395,979.7

450,892.6

356,299.3

423,221.8

Total Exports (Million)

431,559.2

450,627.7

476,762.2

391,118.1

478,840.7

 

 

 

 

 

 

Unemployment Rate (%)

2.7

2.3

2.2

3.2

2.2

Tourist Arrival (Million)

9.75

10.28

10.12

9.68

11.64

Hotel Occupancy Rate (%)

85.2

87.0

81.0

75.8

85.6

Cellular Phone Subscriber (Million)

1.05

1.22

1.31

1.37

1.43

 

 

 

 

 

 

Registration of New Companies (No.)

21,495

25,903

25,327

26,414

29,798

Registration of New Companies (%)

10.2

20.5

<2.2>

4.3

12.8

Liquidation of Companies (No.)

8,980

9,226

10,493

22,393

15,126

Liquidation of Companies (%)

28.1

2.7

13.7

113.4

<32.5>

 

 

 

 

 

 

Registration of New Businesses (No.)

24,219

24,762

24,850

26,876

23,978

Registration of New Businesses (%)

3.17

2.24

0.36

8.15

<10.78>

Liquidation of Businesses (No.)

26,843

21,322

21,150

23,552

24,211

Liquidation of Businesses (%)

<52.3>

<20.6>

<0.8>

11.4

2.8

 

 

 

 

 

 

Bankruptcy Orders (No.)

2,983

2,767

2,326

2,058

1,537

Bankruptcy Orders (%)

15.8

<7.2>

<15.9>

<11.5>

<25.3>

Bankruptcy Discharges (No.)

1,634

1,626

1,500

3,056

2,252

Bankruptcy Discharges (%)

<2.9>

<0.5>

<7.7>

103.7

<26.3>

 

 

 

 

 

 

INDUSTRIES ( % of Growth ) :

 

 

 

 

 

Agriculture

 

 

 

 

 

Production of Principal Crops

3.91

5.26

<0.32>

3.25

<0.48>

Fish Supply & Wholesale

1.33

<3.91>

<6.31>

<1.93>

<10.5>

 

 

 

 

 

 

Manufacturing *

73.5

77.9

74.6

71.5

92.8

Food, Beverages & Tobacco

79.1

88.0

94.8

90.4

96.4

Textiles

233.3

194.5

180.1

145.9

122.1

Wearing Apparel

533.9

466.2

334.6

211.0

123.3

Leather Products & Footwear

151.7

151.3

128.2

79.5

81.8

Wood & Wood Products

159.1

148.6

132.0

101.4

104.0

Paper & Paper Products

94.6

102.2

101.0

95.4

106.1

Printing & Media

119.4

122.2

118.2

100.9

103.5

Crude Oil Refineries

112.2

112.0

113.1

96.4

95.6

Chemical & Chemical Products

83.4

88.8

84.5

80.3

97.6

Pharmaceutical Products

48.1

47.1

43.7

49.1

75.3

Rubber & Plastic Products

130.6

130.4

120.1

101.2

112.3

Non-metallic Mineral

131.3

116.2

96.5

91.9

92.5

Basic Metals

99.9

90.9

109.8

92.6

102.2

Fabricated Metal Products

104.4

106.5

101.3

90.8

103.6

Machinery & Equipment

56.0

66.7

65.0

57.3

78.5

Electrical Machinery

82.3

83.2

81.7

86.8

124.1

Electronic Components

96.9

99.7

93.1

85.2

113.6

Transport Equipment

80.5

94.3

102.0

96.0

94.0

 

 

 

 

 

 

Construction

46.60

45.60

45.90

<36.9>

14.20

Real Estate

12.9

40.8

<11.2>

1.4

21.3

 

 

 

 

 

 

Services

 

 

 

 

 

Electricity, Gas & Water

<5.3>

11.00

<1.3>

1.70

4.00

Transport, Storage & Communication

6.00

8.50

11.60

3.90

12.80

Finance & Insurance

6.40

41.50

<5.9>

<16.4>

<0.4>

Government Services

13.50

3.80

17.40

4.50

9.70

Education Services

1.10

1.80

0.50

0.10

<0.9>

 

 

 

 

 

 

* Based on Index of Industrial Production (2011 = 100)

 

 

 

 

 

(Source : Department of Statistics)

 

 

 

 

 

 

INDUSTRY ANALYSIS

 

INDUSTRY :

MANUFACTURING

 

 

 


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


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


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


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


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


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


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

 

 

OVERALL INDUSTRY OUTLOOK : MATURE

 

CREDIT RISK EVALUATION & RECOMMENDATION

 

 

Incorporated in 2009, the SC is a Private Limited company, focusing on manufacture of denim. The SC has been in business for 4 years and it has slowly been building up contact with its clients while competing in the industry. However, it has yet to enjoy a stable market shares as it need to compete many well established players in the same field. The capital standing of the SC is fair. With an adequate share capital, the SC has the potential of expanding its business in future.


The SC is operating on a medium scale and it has approximately 40 employees in its business operations. Overall, we regard that the SC's management capability is average. 


No financial accounts are available for analysis. As such, we are not able to comment on the SC's current financial standing.


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


In view of the above, we only recommend credit be proceeded to the SC with guarantee.

 


FINANCIAL ACCOUNT


No latest financial accounts are available at the Registry Office. 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.16

UK Pound

1

Rs.83.88

Euro

1

Rs.70.99

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

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

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