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2014 Enterprise 50 Awards honours Singapore enterprises at Anniversary event

Restructuring and commitment to productivity for the long haul is ‘a clear priority’ for local enterprises

Singapore, 27 November 2014 - Borden Company Pte Ltd, a home-grown pharmaceutical manufacturing company won first place in the 2014 Enterprise 50 (E50) Awards this evening. Coming in second place was Sunray Woodcraft Construction Pte Ltd, followed by Vigcon Construction Pte Ltd which was ranked third.

The E50 Awards celebrated its 20th anniversary with a gala dinner that was held at the Resorts World Sentosa Convention Centre. Mr Lim Swee Say, Minister in the Prime Minister’s Office, presented the awards to Singapore’s 50 most enterprising privately-owned companies. 

The E50 Awards aims to celebrate the achievements of local enterprises and highlight the positive contributions of these enterprises to the local economy. 

Celebrating two decades of entrepreneurial success 

Over the years, local, privately-owned companies have played a vital role in Singapore’s economy. Their vision, entrepreneurship and determination provided the second wing that propelled Singapore’s economic development. 

Jointly organised for the past seven years by KPMG and The Business Times, the E50 Awards has provided the list of promising, highly-regarded local companies to watch out for.  The success of the E50 Awards is dependent on the companies coming forward to nominate themselves. This is because unlike public listed companies, it is the private companies themselves that are the sole source of their company’s financial accounts. 

Said Mr Owi Kek Hean, Deputy Managing Partner and Head of Enterprise Market Segment at KPMG in Singapore: “The E50 Awards began as a vision shared by the organisers, supporting organisers and sponsor to create an award that would allow us to recognise and reward the most enterprising privately-owned local companies.

Twenty years later, the core mission remains the same. An enterprise that knows how to adjust its operational procedures to meet environmental concerns, and in the process grow its profits, will stand out. I extend my heartiest congratulations to our winners.”

Mr Alvin Tay, Editor of The Business Times, said: “The E50 Awards acknowledges the contributions of our local enterprises to Singapore’s growth and development. The Business Times is supportive of our SMEs and has championed their achievements through its dedicated editorial coverage. Having benchmarked themselves against the rigourous criteria set, this year’s 50 winners are well-positioned to thrive in today’s challenging economic conditions and in the years ahead.”  

For the first time, the E50 Awards is presenting the 10-Year Award to trading firm Wee Tiong (S) Pte Ltd for winning the award for ten consecutive years. Though the firm has seen various changes to its business model over the years, the management has adapted itself with a forward-looking approach that has enabled the company to enjoy its present success. 

Restructuring not easy, but beneficial 
In tandem with the sectors’ productivity growth rates this year, there were more E50 companies from the export-oriented sectors such as manufacturing, engineering services and wholesale trade, with the industry composition for wholesale trade rising two-fold from 8 to 16 percent.

According to research figures from the Ministry of Trade and Industry, domestic productivity remains stagnant nearly four years after the Government began its decisive shift towards productivity-driven. While export-oriented sectors posted healthy productivity growth, overall productivity was dragged down by productivity declines in the domestically-oriented sectors such as retail trade and construction.

Mr Owi said: “Many of these companies that I spoke to are struggling to cope with the tightening on manpower supply, and are facing challenges in improving their work processes and moving up the value-chain. 

I believe this situation will improve as companies are increasingly taking up the productivity incentive schemes. This year, many of our winners have tapped onto these schemes to restructure and strengthen productivity amidst a tight labour market. The restructuring journey will not be easy, but will be beneficial to all enterprises.

With the advent of new markets, empowering technology and new attitudes, today’s entrepreneurs are challenged to a degree never experienced by their counterparts in the past. Leaders that are visionary - acting as much for today as it does for the future – this is the entrepreneurship that any awards henceforth should celebrate”, concluded Mr Owi. 

The applicants this year were evaluated and ranked using both quantitative and qualitative criteria. Quantitative factors included financial performance indicators such as operating profit before tax, turnover and profit growth.

The qualitative criteria included management and marketing strategies such as the applicants’ business model and their innovations, management ideals and governance, market branding and overall potential. 

The judging panel comprised senior management representatives from KPMG, The Business Times, the Infocomm Development Authority of Singapore (IDA), International Enterprise (IE) Singapore, the Singapore Business Federation (SBF) and SPRING Singapore. OCBC Bank marks its return as the main sponsor of the E50 Awards for the ninth year running, affirming its commitment to partner businesses for growth. 

Mr Linus Goh, Head of Global Commercial Banking, OCBC Bank, said: “This year’s winners continue to raise the bar, excelling with clear vision, innovation and effective cross-border management as they venture beyond home markets into new regions. There is strong evidence of a seasoned approach to delivering growth and transformation even in an uneven business climate.  We congratulate the 2014 E50 winners, and look forward to continue our partnership with them as they scale even greater heights.”

Mr Khoong Hock Yun, Assistant Chief Executive, IDA, said: “IDA congratulates the E50 winners.  Tech is becoming more and more pervasive both as an operations enabler and as a critical market development key.  Enterprises that effectively use tech for business innovation and transformation will compete well and thrive in these conditions.  We are glad that many SMEs are already investing in tech and we are happy to work with more SMEs to help on their journey.”

Mr Teo Eng Cheong, CEO of IE Singapore, said: “Overseas expansion continues to be critical for Singapore companies of all sizes seeking to grow. Such companies with global mindsets contribute to our economy through generating good jobs, revenues and spinoffs to Singapore's economy. IE Singapore will continue to help these companies by providing access to markets, financing and building up their capabilities for internationalisation.”

Mr Victor Tay, Chief Operating Officer, Singapore Business Federation said: "We are heartened to see a group of new enterprises populating the top 10 ranking in the E50 Awards. This rejuvenates the awards which is widely perceived as the cradle to recognize companies with public listing potential. 

This year's E50 winners have shown exemplary leadership triumphing global economic challenges and domestic restructuring constraints. Their entrepreneurial attitudes will serve as role models to spur the collective Singapore business community to transform to the changing economic landscape with resilience and competitiveness. As the apex business chamber, the Singapore Business Federation will continue to assist companies in their quest to build capabilities and expand overseas businesses.”

Mr Tan Kai Hoe, CE of SPRING Singapore, said: “I would like to congratulate this year’s winners for their outstanding achievements. SPRING Singapore will continue to help local enterprises build capabilities and seize new opportunities in global markets; we support awards such as E50 as it showcases excellent companies which can be examples for Singapore SMEs to emulate.”


***

Please see Annex A for a list of the E50 winners.
Please see Annex B for details about the top 10 E50 winners. 


Note to editors:

About the Enterprise 50 Awards 

The Enterprise 50 Awards, which is in its 20th year, was launched in 1995 to identify, support, recognise and reward enterprising privately-owned, local companies across all sectors. Since then, it has become a definitive list of the 50 most enterprising, privately-held local companies in Singapore. 

E50 Awards is jointly organised by The Business Times and KPMG in Singapore, and sponsored by OCBC Bank. Supporters of the awards include the Singapore Business Federation, the Infocomm Development Authority of Singapore, International Enterprise Singapore and SPRING Singapore. 

For more information, please visit www.enterprise50.org


About The Business Times 

The Business Times, a member of the Singapore Press Holdings group, is South-east Asia's leading financial daily. BT brings to its readers daily corporate, financial, economic and political news, analysis and commentary on print and digital platforms. It provides readers with in-depth coverage of Singapore and Asian business and economic developments, as well as global trends that impact Singapore business. BT's lifestyle journalists bring busy executives the latest in recreation, entertainment, the arts, design, food and shopping. 

For more information, please visit businesstimes.com.sg.

Facebook: facebook.com/TheBusinessTimes
Twitter: @BTbreakingnews
LinkedIn: linkedin.com/company/the-business-times
Google+: plus.google.com/+BusinessTimesSgBT


About KPMG in Singapore 

KPMG in Singapore is part of a global network of professional services firms providing Audit, Tax and Advisory services. The independent member firms of the KPMG network operate in 155 countries and have more than 155,000 professionals worldwide. 

Our professionals can help growing enterprises cut through the complexity in doing business across a broad range of business issues facing them in their growth, performance, governance, and compliance objectives. These include audit, tax, business planning, and advice on fundraising, acquisitions, process improvements, and risk management. 

For more information, visit kpmg.com.sg


About OCBC Bank

OCBC Bank is the longest established Singapore bank, formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912.  It is now the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s.  It was ranked by Bloomberg Markets as the world’s strongest bank in 2011 and 2012.

OCBC Bank and its subsidiaries offer a broad array of specialist financial and wealth management services, ranging from consumer, corporate, investment, private and transaction banking to treasury, insurance, asset management and stockbroking services.

OCBC Bank’s key markets are Singapore, Malaysia, Indonesia and Greater China. It has over 630 branches and representative offices in 18 countries and territories. These include the more than 330 branches and offices in Indonesia operated by subsidiary Bank OCBC NISP and OCBC Wing Hang’s 95 branches in Hong Kong, China and Macau. 

OCBC Bank's insurance subsidiary, Great Eastern Holdings, is the largest insurance group in Singapore and Malaysia by assets.  Its asset management subsidiary, Lion Global Investors, is one of the largest private sector asset management companies in Southeast Asia.  Private banking services are provided by subsidiary Bank of Singapore, which continues to gain industry recognition including being voted “Outstanding Private Bank in Asia Pacific” in 2013 by Private Banker International. 


About Infocomm Development Authority of Singapore

The mission of the Infocomm Development Authority of Singapore (IDA) is to develop information technology and telecommunications within Singapore with a view to serve citizens of all ages and companies of all sizes. IDA does this by actively supporting the growth of innovative technology companies and start-ups in Singapore, working with leading global IT companies as well as developing excellent information technology and telecommunications infrastructure, policies and capabilities for Singapore. 

For more news and information, visit www.ida.gov.sg.


About International Enterprise Singapore

International Enterprise (IE) Singapore is the government agency driving Singapore’s external economy. We promote international trade and spearhead the overseas growth of Singapore-based companies to grow Globally Competitive Companies. 
 
IE Singapore attracts global commodities traders to establish their home base in Singapore. Today, Singapore is a thriving trading hub for the energy, agri-commodities and metals & minerals trading clusters.
 
Through our Global Company Partnership, we work with Singapore-based companies to customise total solutions in capability building, market access and financing for their internationalisation. 
 
Our global network of overseas centres in over 35 locations provides the necessary connections in many developed and emerging markets. 

Visit www.iesingapore.com for more information.


About Singapore Business Federation

As the apex business chamber, the Singapore Business Federation (SBF) champions the interests of the business community in Singapore in trade, investment and industrial relations. Nationally, SBF acts as the bridge between businesses and government in Singapore to create a conducive business environment. Internationally, SBF represents the business community in bilateral, regional and multilateral fora for the purpose of trade expansion and business networking. 

For more information, please visit our website: www.sbf.org.sg 


About SPRING Singapore 

SPRING Singapore is an agency under the Ministry of Trade and Industry responsible for helping Singapore enterprises grow and building trust in Singapore products and services. As the enterprise development agency, SPRING works with partners to help enterprises in financing, capability and management development, technology and innovation, and access to markets. As the national standards and accreditation body, SPRING develops and promotes an internationally-recognised standards and quality assurance infrastructure. SPRING also oversees the safety of general consumer goods in Singapore. 

Please visit www.spring.gov.sg for more information and news about SPRING Singapore.


For further information, please contact:

Yasmin Quek
Marketing & Communications, KPMG in Singapore
Tel: +65 6507 1546 / 8189 1640
e-Mail: yquek@kpmg.com.sg

Yeo Siew Chi
Corporate Communications, Singapore Press Holdings Limited
Tel: +65 6319 1586 / 9749 5105 
e-Mail: yeosc@sph.com.sg



Annex A: E50 winners 2014 


 Rank Name of company Rank Name of company
1
Borden Company (Pte) Ltd
26
Indoguna Singapore Pte Ltd
2
Sunray Woodcraft Construction Pte Ltd
27
Seiko Architectural Wall Systems Pte Ltd
3
Vigcon Construction Pte Ltd
28
Sudima International Pte Ltd
4
O.E. Manufacturing Pte Ltd
29
Aalst Chocolate Pte Ltd
5
AllAlloy Pte Ltd
30
Absolute Kinetics Consultancy Pte Ltd
6
Aver Asia (S) Pte Ltd
31
CAD-IT Consultants (Asia) Pte Ltd
7
Mooreast Asia Pte Ltd
32
Sun Singapore Systems Pte Ltd
8
Link (THM) Holdings (S) Pte Ltd
33
Silver Bullion Pte Ltd
9
Rotating Offshore Solutions Pte Ltd
34
Aly Energy Singapore Pte Ltd
10
Huationg Holdings Pte Ltd
35
Hua Resources Pte Ltd
11
Chee Fatt Co Pte Ltd
36
Wiselink Technology Pte Ltd
12
Wee Tiong (S) Pte Ltd
37
Serrano Holdings Pte Ltd
13
Omni United (S) Pte Ltd
38
Fortuna Scientific Pte Ltd
14
Wong Fong Engineering Works (1988) Pte Ltd
39
Pan-Malayan Pharmaceuticals Pte Ltd
15
Oilfield Services & Supplies Pte Ltd
40
Supreme Components International Pte Ltd
16
OrangeTee.com Pte Ltd
41
S M C Food 21 Pte Ltd
17
Pollisum Engineering (Pte) Ltd
42
Mercantile Pacific Asia Pte Ltd
18
Ensure Engineering Pte Ltd
43
Yongsheng Engineering Pte Ltd
19
Soverus Pte Ltd
44
Intac Systems Solution Pte Ltd
20
BLPL Singapore Pte Ltd
45
Robust International Pte Ltd
21
Tecsia Lubricants Pte Ltd
46
Consistel Pte Ltd
22
Feng Ming Construction Pte Ltd
47
Aik Moh Paints & Chemicals Pte Ltd
23
Linnhoff Technologies Pte Ltd
48
Oriental Tanks Pte Ltd
24
Moh Seng Cranes Pte Ltd
49
Feinmetall Singapore Pte Ltd
25
Deluge Fire Protection (S.E.A.) Pte Ltd
50
Avantchem Pte Ltd



Annex B: About the top 10 E50 winners


1. Borden Company (Pte) Ltd

Borden Company is a Singapore home-grown pharmaceutical manufacturing company. Incepted in 1960, Borden is best known for its Eagle Brand Medicated Oil which is sold and exported to more than 20 countries globally. Other products by Borden include balms, muscle rub, capsicum plaster, alcohol swipe, disinfectant spray, and inhaler & eucalyptus oil. 


2. Sunray Woodcraft Construction Pte LtdSunray Woodcraft Construction Pte Ltd was incorporated in 1987 as a small family business in the carpentry trade. Over a span of 22 years, it developed into one of the largest interior builders and solution providers in Singapore. As part of its expansion plans, Eastray Furniture Construction Sdn Bhd was established in Malaysia in 1999.  It also recently established a subsidiary in Macau to grow its footprint.  


3. Vigcon Construction Pte LtdEstablished in 1990, Vigcon has since grown to over 300 employees today. The company takes on the role as a main contractor and undertakes building projects by offering full turnkey services to clients in the residential, industrial, commercial and institutional sectors.  


4. O.E. Manufacturing Pte LtdO E Manufacturing is a manufacturer of high pressure precision hydraulic cylinder. The company scored a first in ASEAN to manufacture Double Acting Telescopic Hydraulic cylinder in volume production.It is also the first company to manufacture smart cylinder incorporating high pressure proximity sensor built-in within the cylinder. O E Manufacturing has branch offices in Japan, Malaysia and China.


5. AllAlloy Pte LtdAllAlloy is a total welding solution provider serving the Oil and Gas industry with high-end filler metals and welding equipment. As part of its expansion plans, the company has branches in Malaysia and Perth. The company provides customers complete solutions on materials, procedure and processes to enhance businesses’ productivity. In 2009, AllAlloy won the Emerging Enterprise Award.


6. Aver Asia (S) Pte LtdAver Asia started in 1999 and has grown steadily over the years.  It specializes in the rental and sales of heavy equipment like aerial working platforms, compressors, generators, etc. The company also provides maintenance services, replacement units for backup and 24- hour call service to customers for the marine and shipyard, oil and gas and construction and infrastructure industries. 


7. Mooreast Asia Pte Ltd 

Incorporated in 1993, Mooreast Asia Pte Ltd (formerly Mooreast Pte Ltd) provides international mooring expertise.  The company has more than 20 years of experience serving the marine, offshore and oil & gas industries in the Asia Pacific. Mooreast Asia has also expanded its services to include fabrication of various offshore mooring components like steel cylindrical foam-filled buoys, quick release hooks and chain stoppers. 


8. Link (THM) Holdings (S) Pte LtdA boutique property developer, Link (THM) has a growing track record in the development of luxury landed residential, integrated retail, lifestyle and commercial properties within Asia's prime districts. Besides its property development business, Link (THM) also has an established retail business, with roots tracing back to 1994.  It has a regional distribution network that focuses on concept stores and distribution of well-known third-party brands such as DRILLEYS, NIKE, ADIDAS and PUMA.


9. Rotating Offshore Solutions Pte LtdRotating Offshore Solutions (ROS) designs and constructs customised and specialised equipment for the oil and gas, power, petrochemical and the floating production, storage and offloading (FPSO) industries.  These include process systems such as gas compressors, power generators, pump packages, dew point controllers, glycol dehydration units and sea water injection systems.


10. Huationg Holdings Pte LtdSince its humble beginnings in the 1980s, Huationg has built its reputation in the oil and gas, construction, shipping port and marine infrastructure industries.  Today, the business consists of six separate yet interlinked companies, Huationg Inland Transport Service, Huationg Asia, Hua Resources, Huakeong Trading and LSS Construction Pte Ltd.