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2008
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22 July 2008

RECORD NUMBER OF SMEs IN 2008 FASTEST GROWING 50

 Number of qualifying SMEs jumps by 95%

July 22, 2008 [Singapore] A record 16 of the Fastest Growing 50 (FG50) companies in Singapore are SMEs - a major turnaround from two years ago when only 4 SMEs made the list.

The FG50 is compiled by DP Information Group (DP Info) - Singapore’s leading provider of business and credit information. To qualify, a company must achieve a minimum of 10% turnover growth every year for the last three years while remaining profitable each year. The qualifying companies are then ranked by their three-year compounded annual growth rate (CAGR), with the top 50 receiving an award.

The strong showing of SMEs helped boost the number of qualifying companies to an all time high, with 350 companies meeting the stringent qualifying criteria compared to 240 last year. The number of qualifying SMEs jumped by 95% from 43 last year to 84 this year.

Generally smaller companies performed better this year with 24 of the 50 winners generating less than $100 million in turnover. By comparison, only seven companies on the list have revenue topping $1 billion. And of the top 10 ranked companies, three are SMEs.

Ms Chen Yew Nah, Managing Director of DP Info said the FG50 has again identified the most dynamic, exciting and high growth companies in Singapore.

INDUSTRY 2008 2007
Comm/Tpt/Storage 7 3
Construction 5 2
Electric/Gas/Water - 1
Finance 5 6
Holdings 3 3
Hotels/Food Establishment - 1
Manufacturing 9 12
Property 3 1
Services 1 1
Wholesale 17 20


"The greatest number of winners came from the wholesale sector (17) followed by the manufacturing sector (9). This shows that the two traditional engine rooms of the Singapore economy are doing well."

The Communication/Transport/Storage sector has shown steady growth within the number of companies in the top 50 list - more than doubling from 3 to 7.

"Property and construction companies have had a remarkable turnaround, producing eight of the 50 Award winners, compared to just three award winners last year. In previous years, few companies in property or construction made it to the top 50 award winner’s list. However, the recent property market boom has fueled the rapid growth of many companies in these sectors."

"DP Info analysed the audited financial results of over 8,500 Singapore companies in Singapore, and the fact that only 350 qualified shows how stringent the criteria is."

"Along with a record qualifying number, the cut off CAGR for an award has also reached an all-time high of 73.0%," Ms Chen said.



YEAR NUMBER OF QUALIFYING COMPANIES CUT OFF 3-YEAR CAGR FOR TOP 50 WINNERS LIST
2002 167 54.3%
2003 144 51.3%
2004 146 45.5%
2005 131 43.8%
2006 211 56.7%
2007 240 61.8%
2008 350 73.0%


SMALL AND YOUNG COMPANIES MAKE A BIG IMPRESSION

 In terms of age, 20 of the Fastest Growing 50 companies are less than 10 years old. However, in a quite remarkable feat, there are two FG50 companies that are more than 40 years old, showing it is possible to reinvent and reinvigorate an older company. One company, Keppel Fels Limited, is in the construction industry while the other, Cosco Corporation (Singapore) Limited is in Communication/Transport/Storage industry.

Number of Years 2008
< 10 Years 20
10 - 20 Years 18
21 - 30 Years 4
31 - 40 Years 6
> 40 Years 2
TOTAL 50


LOCAL FIRMS DOMINATE

 This year’s FG50 has the largest number of local firms, with 35 out of the 50 winners originating in Singapore. The prominence of local firms has increased steadily each year. The inaugural FG50 Award in 2002 was dominated by foreign owned firms, with more than half of the winners being non-local owned firms.



OVERSEAS EXPANSION A COMMON TRAIT

 The FG50 winners are a diverse group of companies representing a variety of industries, business models, ages and sizes. However, there is one trait which is common to nearly all of them. Of the 50 companies, 43 generate revenue in international markets, affirming the belief that Singapore companies need to look overseas in order to grow. The overseas revenue generated is estimated at 57.9%, amounting to approximately $26 Billion.



FASTEST GROWING 50 CERTIFICATION EVENT

The "Fastest Growing 50" companies for 2008 will be honoured at a certification event on 23 July 2008 at The Grand Ballroom, The Ritz Carlton Millenia Hotel Singapore. Dr Balaji Sadasivan, Senior Minister of State for Foreign Affairs will be the Guest of Honour for the event. After the Certification Event, a special Forum will be examining the economic opportunities in Latin America.

The "Fastest Growing 50" is organised, ranked and certified by DP Information Group. The supporting organisations are Ernst & Young LLP, Infocomm Development Authority of Singapore, International Enterprise Singapore, SPRING Singapore and The Business Times. The gold sponsor for the event is HSBC Singapore."



APPENDIX 1

THE WINNERS

 Gardenia International (S) Pte Ltd

This year’s top ranked company is Gardenia International (S) Pte Ltd with a 3-Year CAGR of 514.1%. The company acts as an investment arm for the Gardenia brand of bread bakeries. In addition to facilities in Singapore, the company owns manufacturing and distribution operations in Malaysia, Philippines and Australia. Besides Gardenia bread, the company markets the Bonjour brand of bakery products.

LVMH Fragrances and Cosmetics (Singapore) Pte Ltd

The second highest ranked company, with a 3-year CAGR of 469.5% is LVMH Fragrances and Cosmetics (Singapore) Pte Ltd. The company is the local distributor of various luxurious brands of perfume and cosmetics in Singapore for its parent company LVMH Group.

Filtec Pte Ltd

The Third ranked company is Filtec Pte Ltd with a three year CAGR of 395.0%. Initially in the tire and battery trade, the company realigned its business and expanded into the industrial, marine, energy and the oil & gas industries. The company has an international client base with customers in the Middle East, Africa, Europe, Asia and Pacific Island, contributing to strong turnover growth in recent years.



APPENDIX 2

FASTEST GROWING 50

CERTIFICATION METHODOLOGY

Ranking period is 4 financial years.

1) Companies have to fulfill 4 years of operations.

2) Includes all Singapore 1000 and Singapore SME 500 companies.

3) Firms have to demonstrate 10% turnover growth or better every year for the last 3 years and must be profitable for each of last 3 years.

4) Companies' financials are true and fair according to Auditors for all 4 yrs.


The final order of position is from the last 3-years CAGR growth in sales/turnover.

APPENDIX 3

FASTEST GROWING 50 2008 CERTIFICATION RECIPIENTS

Rank Company Name CAGR (%) Business / Industry Classification
1 GARDENIA INTERNATIONAL (S) PTE . LTD. 514.1% Holdings - Investment / Holding Activities
2 LVMH FRAGRANCES AND COSMETICS (SINGAPORE) PTE LTD 469.5% Wholesale - Apparel / Personal Effects
3 FILTEC PRIVATE LIMITED 395.0% Wholesale - Machinery / Equipment NEC
4 U E METAL ENTERPRISES PTE. LTD. 311.7% Mfg - Metal / Fabricated Metal
5 HIGHLANDER INTERNATIONAL TRADING ASIA PTE. LTD. 265.3% Wholesale - Solid / Liquid / Gaseous Fuels and Related
6 ASIAN EXCHANGE PTE LTD 261.7% Finance - Others
7 WEARNES INTERNATIONAL (1994) LIMITED 207.3% Holdings - Investment / Holding Activities
8 JIAN HUANG CONSTRUCTION CO PTE LTD 174.8% Construction - General Construction Activities
9 K1 VENTURES LIMITED 149.7% Holdings - Investment / Holding Activities
10 NICHEFINDER (S'PORE) PTE LTD 140.2% Wholesale - Agricultural / Animal Produce
11 COSCO CORPORATION (SINGAPORE) LIMITED 136.5% Comm/Tpt/Storage - Transport - Marine
12 ENG LEE INTERNATIONAL AGENCY (S) PTE LTD 135.7% Comm/Tpt/Storage - Supporting / Auxiliary Transport / Post Activities
13 SALZGITTER MANNESMANN INTERNATIONAL (ASIA) PTE. LTD. 132.8% Wholesale - Construction Materials / Hardware / Metals
14 MICROCIRCUIT TECHNOLOGY (S) PTE. LTD. 131.3% Mfg - Electrical / Electronics
15 HSR INTERNATIONAL REALTORS PTE LTD 130.5% Property - Real Estate Investment / Developers
16 TARGET ASSET MANAGEMENT PTE LTD 128.7% Finance - Investment / Stockbroking
17 OKH HOLDING PTE. LTD. 128.2% Construction - General Construction Activities
18 ETLA LIMITED 127.9% Mfg - Metal / Fabricated Metal
19 DAEWOO INTERNATIONAL SINGAPORE PTE. LTD. 121.3% Wholesale - Machinery / Equipment NEC
20 CABLES INTERNATIONAL PTE. LTD. 121.1% Wholesale - Electrical / Electronics
21 JL CAPITAL PTE. LTD. 120.8% Finance - Investment / Stockbroking
22 BEST WORLD INTERNATIONAL LIMITED 113.6% Wholesale - Medicinal / Pharmaceuticals Products
23 FELIX MARITIME PTE LTD 112.4% Comm/Tpt/Storage - Transport - Marine
24 HO BEE INVESTMENT LTD 111.2% Property - Real Estate Investment / Developers
25 CTS SINGAPORE PTE. LTD. 109.9% Mfg - Electrical / Electronics
26 HITACHI INTERNATIONAL TREASURY LTD. 107.4% Finance - Finance Services
27 STEEL PARK INTERNATIONAL PTE. LTD. 107.4% Wholesale - Construction Materials / Hardware / Metals
28 DINOWIC PTE LTD 106.7% Wholesale - General Wholesale Trade
29 EDEVICES TECHNOLOGY PTE. LTD. 104.0% Mfg - Electrical / Electronics
30 INTERACTIVE HUB PTE. LTD. 101.7% Services - Advertising
31 SINCO TECHNOLOGIES PTE LTD 99.3% Mfg - Rubber / Plastic
32 HAN FONG TRADING ENTERPRISE PTE LTD 97.9% Wholesale - General Wholesale Trade
33 UNIPEC SINGAPORE PTE. LTD. 94.1% Wholesale - Solid / Liquid / Gaseous Fuels and Related
34 C & P HOLDINGS PTE LTD 93.1% Comm/Tpt/Storage - Supporting / Auxiliary Transport / Post Activities
35 ABERDEEN ASSET MANAGEMENT ASIA LIMITED 86.9% Finance - Investment / Stockbroking
36 SABIC INNOVATIVE PLASTICS SINGAPORE PTE. LTD. 84.9% Mfg - Rubber / Plastic
37 JNC LINE (S) PTE LTD 84.1% Comm/Tpt/Storage - Supporting / Auxiliary Transport / Post Activities
38 SC GLOBAL DEVELOPMENTS LTD 82.5% Property - Real Estate Investment / Developers
39 ADVANCE TECH PRECISION PTE LTD 82.2% Mfg - Machinery / Equipment
40 MURAMOTO ASIA PTE. LTD. 81.9% Wholesale - Electrical / Electronics
41 PETROFARM SINGAPORE PTE. LTD. 81.3% Wholesale - Solid / Liquid / Gaseous Fuels and Related
42 AQUA-TERRA SUPPLY CO. LIMITED 81.2% Wholesale - Machinery / Equipment NEC
43 MOOREAST PTE LTD 80.3% Comm/Tpt/Storage - Supporting / Auxiliary Transport / Post Activities
44 KEPPEL FELS LIMITED 79.6% Construction - Structural / Mechanical Engineering
45 TAT HIN BUILDERS PTE LTD 79.2% Construction - General Construction Activities
46 JARDINE CYCLE & CARRIAGE LIMITED 75.8% Wholesale - Transport Equipment / Accessories
47 CFE ENGINEERS ASIA PTE LTD 75.7% Construction - Structural / Mechanical Engineering
48 UMS SEMICONDUCTOR PTE LTD 75.4% Mfg - Precision Instruments
49 TRAFIGURA PTE LTD 73.5% Wholesale - Solid / Liquid / Gaseous Fuels and Related
50 EZRA HOLDINGS LIMITED 73.0% Comm/Tpt/Storage - Transport - Marine






************************************************** END **********************************************************

Contact:     Matthew Shaw                                      Dawn Koh
                    Rubicon consulting                              DP Information Group
                    O: (65) 6465 3029                                    T: (65) 6507 2341
                    H: (65) 9851 9340                                    
                    matthew@rubicon.com.sg                dawnkoh@dpgroup.com.sg


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ABOUT DP INFORMATION GROUP


DP Information Group (DP Info) is Singapore’s leading credit and business information bureau. A veteran of nearly 3 decades, we currently service 95% of Singapore’s financial institutions and some 75% of leading law firms. Through our 24/7 online information portal, QuestNet, we enable our clients to make confident credit management decisions everyday based on comprehensive, accurate and reliable information.

DP Info Group offers a credit management score for the national credit consumer market and is also a developer of DP Credit Ratings, its own proprietary corporate credit ratings model based on the global probability of default approach.

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