MIRA INFORM REPORT

 

 

Report No. :

500489

Report Date :

27.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

BOROUGE PTE. LTD.

 

 

Registered Office :

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

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

09.04.1998

 

 

Com. Reg. No.:

199801755-H

 

 

Legal Form :

Private Limited (Limited By Share)

 

 

Line of Business :

Subject is engaged in trading of plastic raw materials, polyolefins.

 

 

No. of Employees :

200

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Singapore

A1

A1

 

Risk Category

ECGC

Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

 

SINGAPORE - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors.

The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010. Growth in 2014-16 was slower than during the previous decade, at under 3% annually, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector.

The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity growth, and increasing Singaporean wages. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a member of the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.

 

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 (LIMITED BY SHARE)

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

EMAIL

:

INFO@BOROUGE.COM

WEB SITE

:

WWW.BOROUGE.COM

CONTACT PERSON

:

ABDULAZIZ ABDULLA ISMAIL MOHAMED ALHAJRI ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING OF PLASTIC RAW MATERIALS, POLYOLEFINS

ISSUED AND PAID UP CAPITAL

:

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

SALES

:

USD 4,593,522,072 [2016]

NET WORTH

:

USD 101,119,817 [2016]

STAFF STRENGTH

:

200 [2017]

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STABLE

PAYMENT

:

REGULAR

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, polyolefins.

 

Share Capital History

Date

Issue & Paid Up Capital

10/11/2017

SGD 5,500,000.00

 

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


Current Shareholder(s) :

Name

Address

IC/PP/Loc No

Shareholding

(%)

ABU DHABI NATIONAL OIL COMPANY

P O BOX 898, ABU DHABI UNITED ARAB EMIRATES

T04UF0284

2,750,000.00

50.00

BOREALIS AG

WAGRAMERSTRASSE, 17-19, VIENNA 1220 ,AUSTRIA

T11UF1228

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

Status

(%)

As At

INDIA

BOROUGE (INDIA) PVT LTD

-

100.00

31/12/2016

AUSTRALIA

BOROUGE AUSTRALIA PTY LTD

-

100.00

31/12/2015

200821012N

SINGAPORE

BOROUGE COMPOUNDING HOLDING PTE. LTD.

-

100.00

26/04/2017

HONG KONG

BOROUGE HONG KONG LIMITED

-

100.00

31/12/2016

NEW ZEALAND

BOROUGE NZ LIMITED

-

100.00

31/12/2015

CHINA

BOROUGE SALES AND MARKETING (GUANGZHOU) CO. LTD

-

100.00

31/12/2016

CHINA

BOROUGE SALES AND MARKETING (SHANGHAI) CO. LTD

-

100.00

31/12/2016



DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

ABDULAZIZ ABDULLA ISMAIL MOHAMED ALHAJRI

Address

:

AL REEM ISLAND, 17, AL REEM C11, TOWER 1, FLAT 6106, UNITED ARAB EMIRATES.

IC / PP No

:

R86685572

Nationality

:

EMIRATI

Date of Appointment

:

04/08/2016



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

199801755H

BOROUGE PTE. LTD.

Director

04/08/2016

0.00

-

USD34,503,039.00

2016

-

10/11/2017

 

DIRECTOR 2

 

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



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

199801755H

BOROUGE PTE. LTD.

Director

21/05/2008

0.00

-

USD34,503,039.00

2016

-

10/11/2017

 

DIRECTOR 3

 

Name Of Subject

:

MICHAEL KROMAN BJORN

Address

:

SAADIYAT BEACH VILLAS 2, VILLA 181, PO BOX 48313, ABU DHABI, UNITED ARAB EMIRATES.

Other Address(es)

:

SAADIYAT BEACH VILLAS 2, VILLA 181, ABU DHABI, UNITED ARAB EMIRATES.

IC / PP No

:

206614894

Nationality

:

DANE

Date of Appointment

:

01/09/2014



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

199801755H

BOROUGE PTE. LTD.

Director

01/09/2014

0.00

-

USD34,503,039.00

2016

-

10/11/2017

 

DIRECTOR 4

 

Name Of Subject

:

KATJA TAUTSCHER

Address

:

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

IC / PP No

:

P 2501306

Nationality

:

AUSTRIAN

Date of Appointment

:

23/09/2013



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

199801755H

BOROUGE PTE. LTD.

Director

23/09/2013

0.00

-

USD34,503,039.00

2016

-

10/11/2017

 

DIRECTOR 5

 

Name Of Subject

:

HESHAM ABDULLA ABBAS AHMED ALEMADI

Address

:

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

IC / PP No

:

JK5J84372

Nationality

:

EMIRATI

Date of Appointment

:

25/07/2007



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

199801755H

BOROUGE PTE. LTD.

Director

25/07/2007

0.00

-

USD34,503,039.00

2016

-

10/11/2017

 

DIRECTOR 6

 

Name Of Subject

:

HERBERT WILLERTH

Address

:

KELLERGASSE 2, 2326 LANZENDORF, AUSTRIA.

IC / PP No

:

P8049176

Nationality

:

AUSTRIAN

Date of Appointment

:

20/04/2011



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

199801755H

BOROUGE PTE. LTD.

Director

20/04/2011

0.00

-

USD34,503,039.00

2016

-

10/11/2017

 

DIRECTOR 7

 

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



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

199801755H

BOROUGE PTE. LTD.

Director

01/07/2012

0.00

-

USD34,503,039.00

2016

-

10/11/2017

 

DIRECTOR 8

 

Name Of Subject

:

SALEM HAREB SALEM KHALIFA ALMHEIRI

Address

:

W17, 03, PLOT 23, AL SHANAYEL Y VILLA 7, ABU DHABI, UNITED ARAB EMIRATES.

IC / PP No

:

GL6423148

Nationality

:

EMIRATI

Date of Appointment

:

04/08/2016



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

199801755H

BOROUGE PTE. LTD.

Director

04/08/2016

0.00

-

USD34,503,039.00

2016

-

10/11/2017

 

DIRECTOR 9

 

Name Of Subject

:

SANDRA SEAH GEK HUANG

Address

:

143, SERANGOON AVENUE 3, 06-08, THE SPRINGBLOOM, 556121, SINGAPORE.

IC / PP No

:

S7136473I

Nationality

:

SINGAPOREAN

Date of Appointment

:

13/12/2016



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

199801755H

BOROUGE PTE. LTD.

Secretary Director

05/10/2016 13/12/2016

0.00

-

USD34,503,039.00

2016

-

10/11/2017

2

199705372E

BYSTRONIC ASIA PTE LTD

Secretary

01/06/2016

0.00

-

SGD513,810.00

2015

-

08/07/2016

3

199905019H

CICOR ASIA PTE. LTD.

Secretary

15/05/2008

0.00

-

SGD(359,380.00)

2016

-

26/07/2017

4

200504186D

FUGRO MARINE SERVICES PTE. LTD.

Secretary

14/02/2014

0.00

-

SGD61,062.00

2015

-

12/05/2017

5

198801863H

II-VI SINGAPORE PTE LTD

Secretary

30/06/2016

0.00

-

USD31,108,706.00

2016

-

18/04/2017

6

200101166N

JUNGHEINRICH LIFT TRUCK SINGAPORE PTE LTD

Secretary

01/05/2004

0.00

-

SGD1,665,822.00

2015

-

09/11/2016

7

198303078N

METSO ASIA PACIFIC PTE. LTD.

Secretary

30/04/2016

0.00

-

SGD5,513,000.00

2015

-

18/04/2017

8

198801539M

ORACLE CORPORATION SINGAPORE PTE LTD

Secretary

01/03/2016

0.00

-

SGD(9,524,086.00)

2016

-

18/07/2017

9

200615588C

PFIZER ASIA MANUFACTURING PTE. LTD.

Secretary

30/04/2016

0.00

-

USD512,324,000.00

2016

-

27/10/2017

10

200311819K

TERADYNE (ASIA) PTE. LTD.

Secretary

20/11/2003

0.00

-

USD197,853,000.00

2015

-

15/11/2016

 

DIRECTOR 10

 

Name Of Subject

:

AHMED KHALFAN SALEM MUFTAH ALMANSOORI

Address

:

SE-42, PLOT 31, VILLA A-5, KHALIFA CITY, ABU DHABI, UNITED ARAB EMIRATES.

IC / PP No

:

NZ5985167

Nationality

:

EMIRATI

Date of Appointment

:

04/08/2016



INTEREST CHECK

Interest in companies

:

see below

Interest in business

:

none in our databank

Former interest

:

none in our databank

INTEREST IN COMPANY

No

Local No

Company

Designation

App Date

Shareholding

Profit/(loss) After Tax

Financial Year

Status

As At

No.

%

1

199801755H

BOROUGE PTE. LTD.

Director

04/08/2016

0.00

-

USD34,503,039.00

2016

-

10/11/2017



MANAGEMENT

 

 

1)

Name of Subject

:

ABDULAZIZ ABDULLA ISMAIL MOHAMED ALHAJRI

Position

:

DIRECTOR

 

2)

Name of Subject

:

WIM ROELS

Position

:

CEO

 

 

AUDITOR

 

Auditor

:

KPMG LLP

Auditor' Address

:

N/A

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

QUEK WEN JUN @ GUO WENJUN

IC / PP No

:

S8201519A

Address

:

22, LIMAU WALK, KEW COTTAGES, 467784, SINGAPORE.

 

2)

Company Secretary

:

SANDRA SEAH GEK HUANG

IC / PP No

:

S7136473I

Address

:

143, SERANGOON AVENUE 3, 06-08, THE SPRINGBLOOM, 556121, SINGAPORE.

 

 

BANKING


No Banker found in our databank.

 

ENCUMBRANCE (S)


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

 

 

LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT


* A check has been conducted in our databank againt 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

[

X

]

Fair 91-120 Days

[

]

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, POLYOLEFINS

Ownership of premises

:

LEASED/RENTED

 

Total Number of Employees:

 

YEAR

2017

2016

2015

2013

2012

GROUP

N/A

N/A

N/A

N/A

N/A

COMPANY

200

200

200

200

100

 

Branch

:

NO

Other Information:


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

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

:

6562754100

Current Telephone Number

:

65-62754100

Match

:

YES

Address Provided by Client

:

1 GEORGE STREET 18-01 049145

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.

The Subject refused to disclose its bankers.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

2012 - 2016

]

Profit/(Loss) Before Tax

:

Increased

[

2012 - 2016

]

Return on Shareholder Funds

:

Favourable

[

34.12%

]

Return on Net Assets

:

Acceptable

[

26.42%

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The management had succeeded in turning the Subject into a profit making company. The profit could be due to better control of its operating costs and efficiency in utilising its resources. 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

[

1 Days

]

Debtor Ratio

:

Acceptable

[

56 Days

]

Creditors Ratio

:

Favourable

[

5 Days

]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's management was quite efficient in handling its debtors. The Subject's debtors days were at an acceptable range, thus the risk of its debts turning bad was minimised. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity

Liquid Ratio

:

Favourable

[

1.10 Times

]

Current Ratio

:

Unfavourable

[

1.12 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

[

22.43 Times

]

Gearing Ratio

:

Favourable

[

0.50 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 :

The higher turnover had helped to reduce the Subject's losses. 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 :

2012

2013

2014

2015

2016*

 

Population (Million)

5.31

5.40

5.47

5.54

5.63

Gross Domestic Products ( % )

1.3

3.7

(3.5)

3.7

4.8

Consumer Price Index

4.6

2.4

2.4

(0.5)

(0.7)

Total Imports (Million)

474,554.0

466,762.0

463,779.1

407,767.9

398,372.0

Total Exports (Million)

510,329.0

513,391.0

518,922.7

476,285.4

468,552.0

 

Unemployment Rate (%)

2.0

1.9

1.9

1.9

2.1

Tourist Arrival (Million)

14.49

15.46

15.01

15.23

16.28

Hotel Occupancy Rate (%)

86.4

86.3

85.5

85.0

-

Cellular Phone Subscriber (Million)

1.52

1.97

1.98

1.99

-

 

Registration of New Companies (No.)

31,892

37,288

41,589

34,243

35,528

Registration of New Companies (%)

(1.3)

9.8

11.5

(17.7)

3.8

Liquidation of Companies (No.)

17,218

17,369

18,767

21,384

-

Liquidation of Companies (%)

9.4

(5.3)

8.0

13.9

-

 

Registration of New Businesses (No.)

24,788

22,893

35,773

28,480

33,326

Registration of New Businesses (%)

5.51

1.70

56.30

(20.39)

17.02

Liquidation of Businesses (No.)

22,489

22,598

22,098

26,116

-

Liquidation of Businesses (%)

(2.2)

0.5

(2.2)

18.2

-

 

Bankruptcy Orders (No.)

1,748

1,992

1,757

1,776

-

Bankruptcy Orders (%)

14.5

14.0

(11.8)

1.0

-

Bankruptcy Discharges (No.)

1,881

2,584

3,546

3,499

-

Bankruptcy Discharges (%)

35.2

37.4

37.2

(1.3)

-

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

5.16

1.78

4.29

3.04

-

Fish Supply & Wholesale

(0.5)

(3.8)

(8.6)

(8.5)

(9.9)

 

Manufacturing #

Food, Beverages & Tobacco

97.9

97.9

99.4

100.0

103.7

Textiles

140.1

119.5

102.7

100.0

93.3

Wearing Apparel

395.4

334.1

212.6

100.0

80.3

Leather Products & Footwear

109.5

122.0

106.5

100.0

93.2

Wood & Wood Products

93.3

103.0

107.2

100.0

90.5

Paper & Paper Products

98.5

104.4

104.5

100.0

99.7

Printing & Media

122.8

113.8

105.968

100.0

86.9

Crude Oil Refineries

107.1

100.7

92.2

100.0

100.5

Chemical & Chemical Products

85.3

88.4

96.7

100.0

97.6

Pharmaceutical Products

103.8

101.421

109.4

100.0

115.9

Rubber & Plastic Products

113.5

109.497

109.2

100.0

87.9

Non-metallic Mineral

108.8

107.4

90.759

100.0

93.6

Basic Metals

91.5

77.2

99.3

100.0

113.1

Fabricated Metal Products

107.314

107.5

107.757

100.0

91.7

Machinery & Equipment

107.3

109.1

118.2

100.0

79.3

Electrical Machinery

80.102

87.4

97.871

100.0

99.3

Electronic Components

100.7

105.0

105.6

100.0

106.3

Transport Equipment

109.9

111.1

106.68

100.0

98.7

 

Construction

28.70

25.40

22.00

-

-

Real Estate

31.9

88.5

145.1

-

-

 

Services

Electricity, Gas & Water

6.30

6.70

6.50

-

-

Transport, Storage & Communication

5.30

9.80

14.20

-

-

Finance & Insurance

0.50

3.30

6.00

-

-

Government Services

6.00

6.50

6.30

-

-

Education Services

0.30

3.10

5.98

-

-

 

* Estimate / Preliminary

# Based on Index of Industrial Production (2015 = 100)



INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

The wholesale & retail trade sector expanded by 6.8% in the third quarter of 2015, higher than the 6.0% growth in the preceding quarter. Growth was supported by both the wholesale trade and retail trade segments. The wholesale trade segment was boosted by an increase in both domestic and foreign wholesale trade sales volume. In particular, the domestic wholesale trade index rose by 7.4%, following the 8.1 % increase in the previous quarter. The strong performance in domestic wholesale trade was due to a surge in the sales of petroleum and petroleum products (14%), chemicals & chemical products (39%) and telecommunications & computers (18%).

Similarly, the foreign wholesale trade index rose by 10% in the third quarter of 2015, accelerating from the 6.9% rise in the previous quarter. Growth was driven by improvements in the sales of petroleum & petroleum products (21%), metals, timber & construction materials (10%) and general wholesale trade (8.8%).

Overall retail trade sales volume also recorded resilient growth of 5.6% in the third quarter of 2015, extending the 6.4 % expansion in the second quarter. Growth was supported by a surge in the volume of motor vehicle sales (44%), which was in turn due to a substantial increase in the supply of Certificate of Entitlements. Excluding motor vehicles, retail sales volume increased at a much slower pace of 0.7% over the same period. The increase in retail sales volume (excluding motor vehicles) was due to improved non-discretionary goods sales. For instance, the sales of medical goods & toiletries and department store goods rose by 8.1% and 3.6% respectively.

According to the Retail News Asia, Food and beverage has overtaken fashion as the primary driver of demand for retail real estate in Singapore. Despite declining retail sales and consumer spending, the prime retail sector remained in good shape during the third quarter 2015.

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, polyolefins. With its long establishment in the market, the Subject has received strong support from its stable customers base. Its business position in the market is quite stable and it is expected to enjoy better market shares over its rivals. 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. The Subject is a fairly large and rapidly growing company with over 200 staff in its operations. 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 USD 101,119,817, the Subject should be able to maintain its business in the near terms.

 
The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.


The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.

 
The industry 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

2016-12-31

2015-12-31

2014-12-31

2013-12-31

2012-12-31

Months

12

12

12

12

12

Consolidated Account

GROUP

GROUP

GROUP

GROUP

GROUP

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

USD

TURNOVER

4,593,522,072

4,243,948,024

3,877,126,384

3,305,285,387

3,252,121,376

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

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

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

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

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

Total Turnover

4,593,522,072

4,243,948,024

3,877,126,384

3,305,285,387

3,252,121,376

Costs of Goods Sold

(4,354,789,788)

(4,067,136,430)

(3,719,382,792)

(3,138,956,576)

(3,093,664,158)

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

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

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

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

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

Gross Profit

238,732,284

176,811,594

157,743,592

166,328,811

158,457,218

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

38,191,476

(34,213,236)

9,581,110

38,699,320

29,119,991

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

38,191,476

(34,213,236)

9,581,110

38,699,320

29,119,991

Taxation

(3,688,437)

(1,346,702)

(998,811)

(3,040,589)

(986,342)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

34,503,039

(35,559,938)

8,582,299

35,658,731

28,133,649

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

53,150,008

88,709,946

80,127,647

44,468,916

16,335,267

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

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

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

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

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

As restated

53,150,008

88,709,946

80,127,647

44,468,916

16,335,267

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

87,653,047

53,150,008

88,709,946

80,127,647

44,468,916

TRANSFER TO RESERVES - General

(49,895)

-

-

-

-

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

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

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

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

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

RETAINED PROFIT/(LOSS) CARRIED FORWARD

87,603,152

53,150,008

88,709,946

80,127,647

44,468,916

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Term loan / Borrowing

1,782,006

1,387,565

1,087,782

1,142,718

1,284,975

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

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

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

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

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

1,782,006

1,387,565

1,087,782

1,142,718

1,284,975

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

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

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

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

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

DEPRECIATION (as per notes to P&L)

8,146,046

7,224,718

4,373,537

3,949,397

3,672,010

AMORTIZATION

177,284

177,283

177,283

193,073

-

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

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

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

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

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

8,323,330

7,402,001

4,550,820

4,142,470

3,672,010

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

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

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

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

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

 

 

 

 

 

 

 

 

BALANCE SHEET

 

 

BOROUGE PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

51,053,732

59,617,120

52,779,200

43,216,399

43,966,987

Associated companies

-

41,539

41,539

41,539

41,539

Deferred assets

3,579,341

4,115,809

3,975,391

4,179,767

5,227,068

Others

-

3,168,896

3,240,916

3,312,936

8,137,483

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

3,579,341

7,326,244

7,257,846

7,534,242

13,406,090

Intellectual property and license rights

3,412,665

421,053

526,316

-

-

Others

-

-

-

631,579

700,000

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

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

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

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

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

TOTAL INTANGIBLE ASSETS

3,412,665

421,053

526,316

631,579

700,000

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

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

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

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

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

TOTAL LONG TERM ASSETS

58,045,738

67,364,417

60,563,362

51,382,220

58,073,077

Stocks

13,749,736

28,728,239

34,074,430

36,304,187

32,746,822

Trade debtors

710,917,108

565,575,658

553,557,431

712,133,689

629,127,019

Other debtors, deposits & prepayments

11,793,325

17,792,394

15,981,380

41,416,284

50,865,202

Amount due from subsidiary companies

544,838

-

-

-

-

Amount due from related companies

11,768,623

31,338,959

103,015,776

-

-

Cash & bank balances

123,139,543

165,845,945

70,474,827

63,245,134

57,273,479

Amount owing by shareholders

-

111,875,743

130,081,534

-

-

Others

-

-

258,752

498,750

317,742

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

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

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

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

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

TOTAL CURRENT ASSETS

871,913,173

921,156,938

907,444,130

853,598,044

770,330,264

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

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

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

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

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

TOTAL ASSET

929,958,911

988,521,355

968,007,492

904,980,264

828,403,341

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

57,763,417

83,812,506

95,550,138

702,817,387

666,759,356

Other creditors & accruals

48,002,330

31,921,066

55,794,687

51,119,506

47,403,817

Deposits from customers

47,870,409

-

-

-

-

Amounts owing to related companies

623,687,048

733,494,172

660,528,125

-

-

Provision for taxation

1,307,546

789,044

879,168

2,553,278

3,181,783

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

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

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

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

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

TOTAL CURRENT LIABILITIES

778,630,750

850,016,788

812,752,118

756,490,171

717,344,956

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

93,282,423

71,140,150

94,692,012

97,107,873

52,985,308

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

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

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

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

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

TOTAL NET ASSETS

151,328,161

138,504,567

155,255,374

148,490,093

111,058,385

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

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

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

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

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

SHARE CAPITAL

Ordinary share capital

3,201,780

3,201,780

3,201,780

3,201,780

3,201,780

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

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

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

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

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

TOTAL SHARE CAPITAL

3,201,780

3,201,780

3,201,780

3,201,780

3,201,780

Capital reserve

14,801,053

14,801,053

14,801,053

14,801,053

14,801,053

Exchange equalisation/fluctuation reserve

(4,536,063)

(821,202)

2,327,176

4,194,473

2,473,319

Retained profit/(loss) carried forward

87,603,152

53,150,008

88,709,946

80,127,647

44,468,916

Others

49,895

2,710

2,710

2,710

2,710

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

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

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

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

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

TOTAL RESERVES

97,918,037

67,132,569

105,840,885

99,125,883

61,745,998

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

101,119,817

70,334,349

109,042,665

102,327,663

64,947,778

Long term loans

50,130,000

67,930,000

45,930,000

45,930,000

45,930,000

Deferred taxation

78,344

240,218

282,709

232,430

180,607

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

50,208,344

68,170,218

46,212,709

46,162,430

46,110,607

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

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

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

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

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

151,328,161

138,504,567

155,255,374

148,490,093

111,058,385

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

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

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

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

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

 

 

 

 

 

 

 

 

FINANCIAL RATIO

 

 

BOROUGE PTE. LTD.

 

TYPES OF FUNDS

Cash

123,139,543

165,845,945

70,474,827

63,245,134

57,273,479

Net Liquid Funds

123,139,543

165,845,945

70,474,827

63,245,134

57,273,479

Net Liquid Assets

79,532,687

42,411,911

60,617,582

60,803,686

20,238,486

Net Current Assets/(Liabilities)

93,282,423

71,140,150

94,692,012

97,107,873

52,985,308

Net Tangible Assets

147,915,496

138,083,514

154,729,058

147,858,514

110,358,385

Net Monetary Assets

29,324,343

(25,758,307)

14,404,873

14,641,256

(25,872,121)

PROFIT & LOSS ITEMS

Earnings Before Interest & Tax (EBIT)

0

(32,825,671)

10,668,892

39,842,038

30,404,966

Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)

48,296,812

(25,423,670)

15,219,712

43,984,508

34,076,976

BALANCE SHEET ITEMS

Total Borrowings

50,130,000

67,930,000

45,930,000

45,930,000

45,930,000

Total Liabilities

828,839,094

918,187,006

858,964,827

802,652,601

763,455,563

Total Assets

929,958,911

988,521,355

968,007,492

904,980,264

828,403,341

Net Assets

151,328,161

138,504,567

155,255,374

148,490,093

111,058,385

Net Assets Backing

101,119,817

70,334,349

109,042,665

102,327,663

64,947,778

Shareholders' Funds

101,119,817

70,334,349

109,042,665

102,327,663

64,947,778

Total Share Capital

3,201,780

3,201,780

3,201,780

3,201,780

3,201,780

Total Reserves

97,918,037

67,132,569

105,840,885

99,125,883

61,745,998

GROWTH RATIOS (Year on Year)

Revenue

8.24

9.46

17.30

1.63

109.29

Proft/(Loss) Before Tax

211.63

(457.09)

(75.24)

32.90

401.86

Proft/(Loss) After Tax

197.03

(514.34)

(75.93)

26.75

381.86

Total Assets

(5.92)

2.12

6.96

9.24

59.01

Total Liabilities

(9.73)

6.89

7.02

5.13

49.06

LIQUIDITY (Times)

Cash Ratio

0.16

0.20

0.09

0.08

0.08

Liquid Ratio

1.10

1.05

1.07

1.08

1.03

Current Ratio

1.12

1.08

1.12

1.13

1.07

WORKING CAPITAL CONTROL (Days)

Stock Ratio

1

2

3

4

4

Debtors Ratio

56

49

52

79

71

Creditors Ratio

5

8

9

82

79

SOLVENCY RATIOS (Times)

Gearing Ratio

0.50

0.97

0.42

0.45

0.71

Liabilities Ratio

8.20

13.05

7.88

7.84

11.75

Times Interest Earned Ratio

22.43

(23.66)

9.81

34.87

23.66

Assets Backing Ratio

46.20

43.13

48.33

46.18

34.47

PERFORMANCE RATIO (%)

Operating Profit Margin

0.83

(0.81)

0.25

1.17

0.90

Net Profit Margin

0.75

(0.84)

0.22

1.08

0.87

Return On Net Assets

26.42

(23.70)

6.87

26.83

27.38

Return On Capital Employed

25.83

(23.63)

6.85

26.72

27.21

Return On Shareholders' Funds/Equity

34.12

(50.56)

7.87

34.85

43.32

Dividend Pay Out Ratio (Times)

0

0

0

0

0

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0



FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.91

UK Pound

1

INR 91.87

Euro

1

INR 80.26

SGD

1

INR 49.59

 

Note: Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

NIT

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.