MIRA INFORM REPORT

 

 

Report Date :

18.12.2014

 

IDENTIFICATION DETAILS

 

Name :

BOROUGE PTE. LTD.

 

 

Registered Office :

2, Shenton Way, 18-01, Sgx Centre I, 068804

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

09.04.1998

 

 

Com. Reg. No.:

199801755-H

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

·         Engaged in trading of Plastic Raw Materials

·         Engaged in providing Innovative & Value Creating Plastics Solutions

 

 

No of Employees :

200 [2013]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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. The economy contracted 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% in 2010, on the strength of renewed exports, before slowing to in 2011-13, 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. 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

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

199801755-H

COMPANY NAME

:

BOROUGE PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

09/04/1998

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

 

 

 

 

 

 

REGISTERED ADDRESS

:

2, SHENTON WAY, 18-01, SGX CENTRE I, 068804, SINGAPORE.

BUSINESS ADDRESS

:

1 GEORGE STREET #18-01, 049145, SINGAPORE.

TEL.NO.

:

65-62754100

FAX.NO.

:

65-63771233

WEB SITE

:

WWW.BOROUGE.COM

CONTACT PERSON

:

AHMED OMAR ABDULLA BALFAQEEH ( DIRECTOR )

 

 

 

 

 

 

PRINCIPAL ACTIVITY

:

·         Engaged in trading of Plastic Raw Materials

·         Engaged in providing Innovative & Value Creating Plastics Solutions

 

 

 

ISSUED AND PAID UP CAPITAL

:

5,500,000.00 ORDINARY SHARE, OF A VALUE OF SGD 5,500,000.00

 

 

 

SALES

:

SGD 3,305,285,387 [2013]

NET WORTH

:

SGD 102,327,663 [2013]

 

 

 

STAFF STRENGTH

:

200 [2013]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

FAIR

MANAGEMENT CAPABILITY

:

AVERAGE

 

 

 

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

HISTORY / BACKGROUND

 

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) trading of plastic raw materials.

Share Capital History

Date

Issue & Paid Up Capital

17/12/2014

SGD 5,500,000.00

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

ABU DHABI NATIONAL OIL COMPANY

P.O. BOX 898, ABU DHABI, UNITED ARAB EMIRATES.

T040UF0284G

2,750,000.00

50.00

BOREALIS AG

WAGRAMERSTRASSE, 17-19, 1220, VIENNA, AUSTRIA.

T11UF1228F

2,750,000.00

50.00

 

 

 

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

------

 

 

 

5,500,000.00

100.00

 

 

 

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

=====

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

 

Local No

Country

Company

(%)

As At

 

UNITED ARAB EMIRATES

BOROUGE COMPOUNDING HOLDING PTE LTD

100.00

31/12/2013

 

 

 

 

 

 

DIRECTORS


DIRECTOR 1

Name Of Subject

:

SUSAN MARY DE SILVA

Address

:

54, KINGSMEAD ROAD, 267997, SINGAPORE.

IC / PP No

:

S2505139D

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

09/04/1998

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 2

Name Of Subject

:

AHMED OMAR ABDULLA BALFAQEEH

Address

:

P.O. BOX 3593, ABU DHABI, UNITED ARAB EMIRATES.

IC / PP No

:

A1788626

 

 

 

 

 

 

 

 

 

Nationality

:

EMIRATI

Date of Appointment

:

21/05/2008

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 3

 

Name Of Subject

:

MICHAEL KROMAN BJORN

Address

:

MANGROVE ONE, VILLA 63, ABU DHABI, UNITED ARAB EMIRATES.

IC / PP No

:

206614894

 

 

 

 

 

 

 

 

 

Nationality

:

EMIRATI

Date of Appointment

:

01/09/2014

 

 

 

 

DIRECTOR 4

 

Name Of Subject

:

MOHAMED SALEM MOHAMED MUNAKHS AL MUHAIRBI

Address

:

VILLA 460, AL KHALEEJ AL ARABI STREET, ABU DHABI, UNITED ARAB EMIRATES.

IC / PP No

:

A2260226

 

 

 

 

 

 

 

 

 

Nationality

:

EMIRATI

Date of Appointment

:

21/05/2008

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 5

 

Name Of Subject

:

MUBARAK SUHAIL MUBARAK GHANEM AL KETBI

Address

:

VILLA 8, STREET 4, AL KHALEEJ ARABIA STREET, ABU DHABI, UNITED ARAB EMIRATES.

IC / PP No

:

A2302446

 

 

 

 

 

 

 

 

 

Nationality

:

EMIRATI

Date of Appointment

:

01/04/2007

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 6

 

Name Of Subject

:

HESHAM ABDULLA ABBAS AHMAD

Address

:

VILLA 1/24, AL FALAH STREET, ABU DHABI, UNITED ARAB EMIRATES.

IC / PP No

:

A2406503

 

 

 

 

 

 

 

 

 

Nationality

:

EMIRATI

Date of Appointment

:

25/07/2007

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 7

 

Name Of Subject

:

HERBERT WILLERTH

Address

:

KELLERGASSE, 2, 2326, LANZENDORF, AUSTRIA.

IC / PP No

:

P1502426

 

 

 

 

 

 

 

 

 

Nationality

:

AUSTRIAN

Date of Appointment

:

20/04/2011

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 8

 

Name Of Subject

:

RASHED SAUD RASHED ALSHAMSI

Address

:

POST BOX 898, ABU DHABI, UNITED ARAB EMIRATES.

IC / PP No

:

FZK903369

 

 

 

 

 

 

 

 

 

Nationality

:

EMIRATI

Date of Appointment

:

21/05/2008

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 9

 

Name Of Subject

:

ALFRED STERN

Address

:

FRANZ JONAS-STRASSE, 24, A-2000, STOCKERAU, AUSTRIA.

IC / PP No

:

P 7584565

 

 

 

 

 

 

 

 

 

Nationality

:

AUSTRIAN

Date of Appointment

:

01/07/2012

 

 

 

 

 

 

 

 

 

 

 

 

 

DIRECTOR 10

Name Of Subject

:

KATJA TAUTSCHER

Address

:

WEIMARER STRASSE, 24/7, 1180, VIENNA, AUSTRIA.

IC / PP No

:

P2501306

 

 

 

 

 

 

 

 

 

Nationality

:

AUSTRIAN

Date of Appointment

:

23/09/2013

 

 

 

 

 

 

 

 

 

 

 

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

AHMED OMAR ABDULLA BALFAQEEH

 

Position

:

DIRECTOR

 

 

 

 

 

2)

Name of Subject

:

WIM ROELS

 

Position

:

MANAGER

 

 

 

AUDITOR

 

Auditor

:

ERNST & YOUNG LLP

Auditor' Address

:

N/A

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

KANG CHOON HWEE

 

IC / PP No

:

S1318801G

 

 

 

 

 

Address

:

3, JALAN PANDAN, 288788, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

 

 

2)

Company Secretary

:

SUSAN MARY DE SILVA

 

IC / PP No

:

S2505139D

 

 

 

 

 

Address

:

54, KINGSMEAD ROAD, 267997, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

 

BANKING


No Banker found in our databank.

ENCUMBRANCE (S)


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

 

 

LITIGATION CHECK AGAINST SUBJECT


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

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES

 

 

 



The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

 

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

 

]

 

Good 31-60 Days

[

 

]

 

Average 61-90 Days

[

 

]

 

Fair 91-120 Days

[

X

]

 

Poor >120 Days

[

 

]

 

 

 

 

 

 

 

 

CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

 

 

 

Export Market

:

WORLDWIDE

Credit Term

:

N/A

 

 

 

 

 

 

Payment Mode

:

CHEQUES
TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Goods Traded

:

PLASTIC RAW MATERIALS

 

 

 

 

Ownership of premises

:

LEASED/RENTED

 

 

Total Number of Employees:

YEAR

2013

2012

 

GROUP

N/A

N/A

 

 

 

 

 

 

 

COMPANY

200

100

 

 

 

 

 

 

 

 

Branch

:

NO

 

 

Other Information:

The Subject is principally engaged in the (as a / as an) trading of plastic raw materials.

The Subject is the leading provider of innovative, value creating plastics solutions.

The Subject sells the products according to its customers' requirements.

CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-62754100

Match

:

N/A

 

 

 

Address Provided by Client

:

1 GEORGE STREET 18-01,049145 SINGAPORE

Current Address

:

1 GEORGE STREET #18-01, 049145, SINGAPORE.

Match

:

YES

 

Other Investigations

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

FINANCIAL ANALYSIS

 

 

Profitability

 

 

 

 

 

 

Turnover

:

Increased

[

2009 - 2013

]

 

Profit/(Loss) Before Tax

:

Increased

[

2009 - 2013

]

 

Return on Shareholder Funds

:

Favourable

[

34.85%

]

 

Return on Net Assets

:

Acceptable

[

26.83%

]

 

 

 

 

 

 

 

 

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The higher profit could be attributed to the increase in turnover. Generally the Subject was profitable. The favourable return on shareholders' funds and return on net assets indicate that the Subject's management was efficient in utilising the assets to generate returns.

 

 

 

 

 

 

 

Working Capital Control

 

 

 

 

 

 

Stock Ratio

:

Favourable

[

4 Days

]

 

Debtor Ratio

:

Unfavourable

[

79 Days

]

 

Creditors Ratio

:

Unfavourable

[

82 Days

]

 

 

 

 

 

 

 

 

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The high debtors' ratio could indicate that the Subject was weak in its credit control. However, the Subject could also giving longer credit periods to its customers in order to boost its sales or to capture / retain its market share. The unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.

 

 

 

 

 

 

 

Liquidity

 

 

 

 

 

 

Liquid Ratio

:

Favourable

[

1.08 Times

]

 

Current Ratio

:

Unfavourable

[

1.13 Times

]

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Solvency

 

 

 

 

 

 

Interest Cover

:

Favourable

[

34.87 Times

]

 

Gearing Ratio

:

Favourable

[

0.45 Times

]

 

 

 

 

 

 

 

 

The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. The Subject was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Overall Assessment :

 

 

 

 

 

 

Generally, the Subject's performance has improved with higher turnover and profit. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.

 

 

 

 

 

 

 

Overall financial condition of the Subject : STABLE

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2009

2010

2011

2012

2013

 

 

 

 

 

 

Population (Million)

4.98

5.08

5.18

5.31

5.40

Gross Domestic Products ( % )

(0.8)

14.5

4.9

1.3

3.7

Consumer Price Index

0.6

2.8

5.2

4.6

2.4

Total Imports (Million)

356,299.3

423,221.8

459,655.1

474,554.0

466,762.0

Total Exports (Million)

391,118.1

478,840.7

514,741.2

510,329.0

513,391.0

 

 

 

 

 

 

Unemployment Rate (%)

3.2

2.2

2.1

2.0

1.9

Tourist Arrival (Million)

9.68

11.64

13.17

14.49

15.46

Hotel Occupancy Rate (%)

75.8

85.6

86.5

86.4

86.3

Cellular Phone Subscriber (Million)

1.37

1.43

1.50

1.52

1.97

 

 

 

 

 

 

Registration of New Companies (No.)

26,414

29,798

32,317

31,892

37,288

Registration of New Companies (%)

4.3

12.8

8.5

(1.3)

9.8

Liquidation of Companies (No.)

22,393

15,126

19,005

17,218

17,369

Liquidation of Companies (%)

113.4

(32.5)

25.6

9.4

(5.3)

 

 

 

 

 

 

Registration of New Businesses (No.)

26,876

23,978

23,494

24,788

22,893

Registration of New Businesses (%)

8.15

(10.78)

2.02

5.51

1.70

Liquidation of Businesses (No.)

23,552

24,211

23,005

22,489

22,598

Liquidation of Businesses (%)

11.4

2.8

(5)

(2.2)

0.5

 

 

 

 

 

 

Bankruptcy Orders (No.)

2,058

1,537

1,527

1,748

1,992

Bankruptcy Orders (%)

(11.5)

(25.3)

(0.7)

14.5

14.0

Bankruptcy Discharges (No.)

3,056

2,252

1,391

1,881

2,584

Bankruptcy Discharges (%)

103.7

(26.3)

(38.2)

35.2

37.4

 

 

 

 

 

 

INDUSTRIES ( % of Growth ) :

 

 

 

 

 

Agriculture

 

 

 

 

 

Production of Principal Crops

3.25

(0.48)

4.25

3.64

-

Fish Supply & Wholesale

(1.93)

(10.5)

12.10

(0.5)

-

 

 

 

 

 

 

Manufacturing *

71.5

92.8

100.0

100.3

102.0

Food, Beverages & Tobacco

90.4

96.4

100.0

103.5

103.5

Textiles

145.9

122.1

100.0

104.0

87.1

Wearing Apparel

211.0

123.3

100.0

92.1

77.8

Leather Products & Footwear

79.5

81.8

100.0

98.6

109.8

Wood & Wood Products

101.4

104.0

100.0

95.5

107.4

Paper & Paper Products

95.4

106.1

100.0

97.4

103.2

Printing & Media

100.9

103.5

100.0

93.0

86.1

Crude Oil Refineries

96.4

95.6

100.0

99.4

93.5

Chemical & Chemical Products

80.3

97.6

100.0

100.5

104.1

Pharmaceutical Products

49.1

75.3

100.0

109.7

107.2

Rubber & Plastic Products

101.2

112.3

100.0

96.5

92.9

Non-metallic Mineral

91.9

92.5

100.0

98.2

97.6

Basic Metals

92.6

102.2

100.0

90.6

76.5

Fabricated Metal Products

90.8

103.6

100.0

104.3

105.1

Machinery & Equipment

57.3

78.5

100.0

112.9

114.5

Electrical Machinery

86.8

124.1

100.0

99.3

108.5

Electronic Components

85.2

113.6

100.0

90.6

94.3

Transport Equipment

96.0

94.0

100.0

106.3

107.5

 

 

 

 

 

 

Construction

(36.9)

14.20

20.50

28.70

-

Real Estate

1.4

21.3

25.4

31.9

-

 

 

 

 

 

 

Services

 

 

 

 

 

Electricity, Gas & Water

1.70

4.00

7.00

6.30

-

Transport, Storage & Communication

3.90

12.80

7.40

5.30

-

Finance & Insurance

(16.4)

(0.4)

8.90

0.50

-

Government Services

4.50

9.70

6.90

6.00

-

Education Services

0.10

(0.9)

(1.4)

0.30

-

 

 

 

 

 

 

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

 

 

 

 

 

(Source : Department of Statistics)

 

 

 

 

 

 

INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

 

 

 

The wholesale and retail trade sectors have expanded by 2.0% in the third quarter of 2014, extending the 1.8 per cent growth in the previous quarter. In 2013, the wholesale and retail sector expanded by 5.0%, after declining by 1.4% the year before. Growth of the sector was driven by the wholesale trade segment.

 

The domestic wholesale trade index has increased by 3.2% in the fourth quarter of 2013, moderating from the 6.6% growth in the previous quarter. The slower growth was due to a decline in the sales of furniture and household equipment (-12%) and petroleum and petroleum products (-0.6%). For the full year, the domestic wholesale trade index grew by 5.2% reversing the 2.2% decline in 2012. On the other hand, the foreign wholesale trade index has increased by a slower pace of 5.6% in the fourth quarter, compared to the 7.7% expansion in the preceding quarter. The slowdown was due to a fall in the sales of telecommunication equipment and computer (-3.8%) and petroleum and petroleum products (-2.5%). For the full year, the growth of the foreign wholesale trade index moderated slightly to 8.6% from 9.1% in the previous year.

 

In the fourth quarter of 2013, retail sales volume fell by 6.2%, extending the 5.6% decline in the previous quarter. Excluding motor vehicles, retail sales volume increased by 0.4%, a slower pace of expansion as compared to the 1.6% gain in the preceding quarter. The sales volume of motor vehicles fell by 33% in the fourth quarter of 2013, extending the 32% decline in the previous quarter. Meanwhile, the sales of several discretionary items also fell in the fourth quarter of 2013. For instance, the sales of telecommunications apparatus and computers fell by 12%, while the sales of furniture and household equipment declined by 5.4%.

 

For the full year, retail sales volume contracted by 4.3%, a reversal from the 1.3% expansion in 2012. Excluding motor vehicle sales, the retail sales volume grew by 1.1% in 2013, slower than the 1.7% increase in 2012. Watches and jewellery recorded the largest increase (11%) in sales in 2013, followed by optical goods and book (3%) and medical goods and toiletries (3%). By contrast, the sales of telecommunications apparatus and computer (-7.3%), furniture and household equipment (-4.2%) and petrol service stations (-1.4) declined in 2013.

 

 

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

 

CREDIT RISK EVALUATION & RECOMMENDATION

 

 

Incorporated in 1998, the Subject is a Private Limited company, focusing on trading of plastic raw materials. Having been in the industry for over a decade, the Subject has achieved a certain market share and has built up a satisfactory reputation in the market. It should have received supports from its regular customers. A paid up capital of SGD 5,500,000 allows the Subject to expand its business more comfortably. With a strong backing from its shareholder, the Subject enjoys timely financial assistance should the needs arise.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Based on the higher profitability, the Subject has generated a favourable return based on its existing shareholders' funds which indicated that the management was efficient in utilising its funds to generate income. The Subject is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at SGD 102,327,663, the Subject should be able to maintain its business in the near terms.

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

The Subject's overall payment habit is fair and this clearly implied a weak credit control of the Subject.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry.

Based on the above condition, we recommend credit be granted to the Subject promptly.

 


PROFIT AND LOSS ACCOUNT

 

 

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

BOROUGE PTE. LTD.

 

Financial Year End

2013-12-31

2012-12-31

2011-12-31

2010-12-31

2009-12-31

Months

12

12

12

12

12

Consolidated Account

GROUP

GROUP

Company

GROUP

GROUP

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

SUMMARY

FULL

FULL

Currency

SGD

SGD

SGD

USD

USD

 

 

 

 

 

 

TURNOVER

3,305,285,387

3,252,121,376

3,689,910,412

1,553,862,252

1,166,215,996

 

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

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

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

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

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

Total Turnover

3,305,285,387

3,252,121,376

3,689,910,412

1,553,862,252

1,166,215,996

Costs of Goods Sold

(3,138,956,576)

(3,093,664,158)

-

-

-

 

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

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

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

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

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

Gross Profit

166,328,811

158,457,218

-

-

-

 

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

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

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

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

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

 

 

 

 

 

 

PROFIT/(LOSS) FROM OPERATIONS

38,699,320

29,119,991

13,928,244

(9,646,787)

3,687,531

 

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

38,699,320

29,119,991

13,928,244

(9,646,787)

3,687,531

Taxation

(3,040,589)

(986,342)

(2,396,617)

(334,516)

(1,138,578)

 

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

35,658,731

28,133,649

11,531,627

(9,981,303)

2,548,953

 

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

 

 

 

 

 

As previously reported

44,468,916

53,331,528

41,799,901

14,787,653

12,238,700

Prior year adjustment

-

(36,996,261)

-

-

-

 

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

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

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

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

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

As restated

44,468,916

16,335,267

41,799,901

14,787,653

12,238,700

 

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

80,127,647

44,468,916

53,331,528

4,806,350

14,787,653

TRANSFER TO RESERVES - Statutory

-

-

-

(2,710)

-

 

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

80,127,647

44,468,916

53,331,528

4,803,640

14,787,653

 

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

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

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

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

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

 

 

 

 

 

 

INTEREST EXPENSE (as per notes to P&L)

 

 

 

 

 

Lease interest

-

-

-

5,733,454

-

Term loan / Borrowing

1,142,718

1,284,975

-

378,824

-

 

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

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

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

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

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

 

1,142,718

1,284,975

-

6,112,278

-

 

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

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

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

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

 

 

 

 

BALANCE SHEET

 

 

BOROUGE PTE. LTD.

 

ASSETS EMPLOYED:

 

 

 

 

 

FIXED ASSETS

43,216,399

43,966,987

51,597,914

41,408,635

20,207,874

 

 

 

 

 

 

Associated companies

41,539

41,539

-

41,539

41,539

Deferred assets

4,179,767

5,227,068

-

1,017,557

157,130

Others

3,312,936

8,137,483

-

4,237,213

-

 

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

7,534,242

13,406,090

-

5,296,309

198,669

 

 

 

 

 

 

Goodwill on consolidation

-

-

-

900,000

-

Others

631,579

700,000

-

-

-

 

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

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

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

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

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

TOTAL INTANGIBLE ASSETS

631,579

700,000

-

900,000

-

 

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

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

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

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

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

TOTAL LONG TERM ASSETS

51,382,220

58,073,077

51,597,914

47,604,944

20,406,543

 

 

 

 

 

 

Stocks

36,304,187

32,746,822

-

14,480,674

12,721,662

Trade debtors

712,133,689

629,127,019

-

402,414,462

215,358,094

Other debtors, deposits & prepayments

41,416,284

50,865,202

-

21,983,239

20,598,777

Cash & bank balances

63,245,134

57,273,479

-

34,195,991

8,676,443

Others

498,750

317,742

-

303,832

437,544

 

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

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

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

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

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

TOTAL CURRENT ASSETS

853,598,044

770,330,264

562,159,332

473,378,198

257,792,520

 

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

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

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

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

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

TOTAL ASSET

904,980,264

828,403,341

613,757,246

520,983,142

278,199,063

 

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

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

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

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

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

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

Trade creditors

702,817,387

666,759,356

-

447,304,593

222,237,143

Other creditors & accruals

51,119,506

47,403,817

-

27,999,633

37,367,992

Hire purchase & lease creditors

-

-

-

2,277,542

-

Provision for taxation

2,553,278

3,181,783

-

425,586

-

Other liabilities

-

-

-

-

412,113

 

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

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

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

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

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

TOTAL CURRENT LIABILITIES

756,490,171

717,344,956

560,425,718

478,007,354

260,017,248

 

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

97,107,873

52,985,308

1,733,614

(4,629,156)

(2,224,728)

 

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

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

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

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

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

TOTAL NET ASSETS

148,490,093

111,058,385

53,331,528

42,975,788

18,181,815

 

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

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

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

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

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

 

 

 

 

 

 

SHARE CAPITAL

 

 

 

 

 

Ordinary share capital

3,201,780

3,201,780

0

3,201,780

3,201,780

 

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

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

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

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

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

TOTAL SHARE CAPITAL

3,201,780

3,201,780

0

3,201,780

3,201,780

 

 

 

 

 

 

Capital reserve

14,801,053

14,801,053

-

-

-

Exchange equalisation/fluctuation reserve

4,194,473

2,473,319

-

790,933

18,106

Retained profit/(loss) carried forward

80,127,647

44,468,916

53,331,528

4,803,640

14,787,653

Others

2,710

2,710

-

2,710

-

 

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

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

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

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

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

TOTAL RESERVES

99,125,883

61,745,998

53,331,528

5,597,283

14,805,759

 

 

 

 

 

 

 

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

102,327,663

64,947,778

53,331,528

8,799,063

18,007,539

 

 

 

 

 

 

Long term loans

45,930,000

45,930,000

-

17,800,000

-

Lease obligations

-

-

-

16,188,895

-

Deferred taxation

232,430

180,607

-

187,830

174,276

 

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

46,162,430

46,110,607

-

34,176,725

174,276

 

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

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

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

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

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

 

148,490,093

111,058,385

53,331,528

42,975,788

18,181,815

 

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

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

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

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

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

 

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

BOROUGE PTE. LTD.

 

TYPES OF FUNDS

 

 

 

 

 

Cash

63,245,134

57,273,479

-

34,195,991

8,676,443

Net Liquid Funds

63,245,134

57,273,479

-

34,195,991

8,676,443

Net Liquid Assets

60,803,686

20,238,486

1,733,614

(19,109,830)

(14,946,390)

Net Current Assets/(Liabilities)

97,107,873

52,985,308

1,733,614

(4,629,156)

(2,224,728)

Net Tangible Assets

147,858,514

110,358,385

53,331,528

42,075,788

18,181,815

Net Monetary Assets

14,641,256

(25,872,121)

1,733,614

(53,286,555)

(15,120,666)

BALANCE SHEET ITEMS

 

 

 

 

 

Total Borrowings

45,930,000

45,930,000

-

36,266,437

0

Total Liabilities

802,652,601

763,455,563

560,425,718

512,184,079

260,191,524

Total Assets

904,980,264

828,403,341

613,757,246

520,983,142

278,199,063

Net Assets

148,490,093

111,058,385

53,331,528

42,975,788

18,181,815

Net Assets Backing

102,327,663

64,947,778

53,331,528

8,799,063

18,007,539

Shareholders' Funds

102,327,663

64,947,778

53,331,528

8,799,063

18,007,539

Total Share Capital

3,201,780

3,201,780

-

3,201,780

3,201,780

Total Reserves

99,125,883

61,745,998

53,331,528

5,597,283

14,805,759

LIQUIDITY (Times)

 

 

 

 

 

Cash Ratio

0.08

0.08

-

0.07

0.03

Liquid Ratio

1.08

1.03

-

0.96

0.94

Current Ratio

1.13

1.07

1.00

0.99

0.99

WORKING CAPITAL CONTROL (Days)

 

 

 

 

 

Stock Ratio

4

4

-

3

4

Debtors Ratio

79

71

-

95

67

Creditors Ratio

82

79

-

105

70

SOLVENCY RATIOS (Times)

 

 

 

 

 

Gearing Ratio

0.45

0.71

-

4.12

0.00

Liabilities Ratio

7.84

11.75

10.51

58.21

14.45

Times Interest Earned Ratio

34.87

23.66

-

(0.58)

0.00

Assets Backing Ratio

46.18

34.47

-

13.14

5.68

PERFORMANCE RATIO (%)

 

 

 

 

 

Operating Profit Margin

1.17

0.90

0.38

(0.62)

0.32

Net Profit Margin

1.08

0.87

0.31

(0.64)

0.22

Return On Net Assets

26.83

27.38

26.12

(8.22)

20.28

Return On Capital Employed

26.72

27.21

26.12

(7.66)

20.28

Return On Shareholders' Funds/Equity

34.85

43.32

21.62

(113.44)

14.15

Dividend Pay Out Ratio (Times)

0.00

0.00

-

0.00

0.00

NOTES TO ACCOUNTS

 

 

 

 

 

Contingent Liabilities

0

0

-

0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.58

UK Pound

1

Rs.99.98

Euro

1

Rs.79.39

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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.