MIRA INFORM REPORT

 

 

Report Date :

28.04.2011

 

IDENTIFICATION DETAILS

 

Name :

BERG+SCHMIDT ASIA PTE. LTD

 

 

Formerly Known As :

BERG & SCHMIDT ASIA PTE LTD

 

 

Registered Office :

1 International Business Park #09-04 Synergy, The Singapore 609917

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

14.10.1995

 

 

Com. Reg. No.:

199507317H

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Wholesale of Animal Feed and Trading In Fats Oleochemicals & Animal Feeds

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

S$1,000,000

Status :

Good

Payment Behaviour :

No Complaints

Litigation :

Exists

 

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 – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Executive Summary

 

Company Name

:

BERG+SCHMIDT ASIA PTE. LTD.

Registration No

:

199507317H

Date of Registration

:

14/10/1995

Former Name

:

BERG & SCHMIDT ASIA PTE LTD Eff. date : 14/10/1995 Eff. date : 14/10/1995

Date of Change of Name

:

09/05/2007

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

1 INTERNATIONAL BUSINESS PARK #09-04 SYNERGY, THE SINGAPORE 609917

Date of Change of Address

:

27/01/2004

Contact No.

:

67667955

Fax No.

:

67695066

Website

:

NA

Registered Activities

:

1. WHOLESALE OF ANIMAL FEED

TRADING IN FATS OLEOCHEMICALS & ANIMAL FEEDS

2. WHOLESALE OF TELECOMMUNICATIONS EQUIPMENT

PROCUREMENT OF EUROPEAN REQUIREMENTS FOR FEEDS

Issued Ordinary Capital*

:

$1,000,000.00 U.S. DOLLAR ,NO. OF SHARE : 1,000,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$1,000,000.00 U.S. DOLLAR

Paid-Up Preference Capital

:

NA

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

NA

No. of Local Associates

:

NA

Auditor

:

MGI MENON & ASSOCIATES

Bankers / Financiers

:

STANDARD CHARTERED BANK

Turnover

:

SINGAPORE, DOLLARS 66,248,889.39 (FY2010)

Net Worth

:

SINGAPORE, DOLLARS 7,881,403.00 (FY2010)

No. of Bank Charges

:

1

No. of Litigation Suits

:

1

S1000 / SME 500 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 1000

Compounded Annual Growth Rate (CAGR)

:

15.32% (4 years)

 

 

Credit Rating & Recommendation

 

Recommended Credit Line

:

S$1,000,000

 

SHAREHOLDER DETAILS

 

NAME

:

BERG & SCHMIDT INTERNATIONAL GMBH

SHAREHOLDER ID

:

T06UF2737E

NATIONALITY

:

GERMANY

ADDRESS

:

AN DER ALSTER 81 20099 HAMBURG, GERMANY

NO. OF ORD SHARES

:

800,000

% OF SHAREHOLDING

:

80%

CURRENCY

:

U.S. DOLLAR

 

NAME

:

REITH ANDREAS KARL

SHAREHOLDER ID

:

133711390D

NATIONALITY

:

GERMAN

ADDRESS

:

AN DER ALSTER 81 D-20099 HAMBURG GERMANY

NO. OF ORD SHARES

:

100,000

% OF SHAREHOLDING

:

10%

CURRENCY

:

U.S. DOLLAR

 

NAME

:

BHAWE HARSHAWARDHAN VAMAN

SHAREHOLDER ID

:

S2747397J

NATIONALITY

:

SINGAPORE P.R.

ADDRESS

:

25 BALMORAL PARK #08-04 PINEWOOD GARDENS SINGAPORE 259854

NO. OF ORD SHARES

:

100,000

% OF SHAREHOLDING

:

10%

CURRENCY

:

U.S. DOLLAR

 

 

OFFICER DETAILS

 

NAME

:

VOLKMAR ALFRED DIETRICH WYWIOL

ADDRESS

:

BOERNSENER WEG 58 21521 WOHLTORF

POSITION

:

DIRECTOR

DATE OF APPT

:

14/10/1995

NATIONALITY

:

GERMAN

I/C PASSPORT

:

104504619

 

NAME

:

REITH ANDREAS KARL

ADDRESS

:

AN DER ALSTER 81 D-20099 HAMBURG GERMANY

POSITION

:

DIRECTOR

DATE OF APPT

:

14/10/1995

NATIONALITY

:

GERMAN

I/C PASSPORT

:

133711390D

 

NAME

:

NANCY JULIA ZEHNDER

ADDRESS

:

58 DAKOTA CRESCENT #02-257 SINGAPORE 390058

POSITION

:

SECRETARY

DATE OF APPT

:

22/04/2009

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0240727B

 

NAME

:

BHAWE HARSHAWARDHAN VAMAN

ADDRESS

:

25 BALMORAL PARK #08-04 PINEWOOD GARDENS SINGAPORE 259854

POSITION

:

DIRECTOR

MANAGING DIRECTOR

DATE OF APPT

:

15/04/1996

02/12/1996

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2747397J

 

 

KEY PERSONNEL PROFILE

 

Name:

BHAWE HARSHAWARDHAN VAMAN

NRIC Number:

S2747397J

Available Address:

25 BALMORAL PARK #08-04 PINEWOOD GARDENS  SINGAPORE 259854

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

BERG+SCHMIDT ASIA PTE. LTD.

DIRECTOR

15/04/1996

100000

10.00

2

BERG+SCHMIDT ASIA PTE. LTD.

MANAGING DIRECTOR

02/12/1996

100000

10.00

3

CAROTINO BIOCHEM PTE. LTD.

DIRECTOR

06/07/2010

-

-

4

STERN INGREDIENTS ASIA-PACIFIC PTE. LTD.

DIRECTOR

17/04/2001

-

-

5

STERN INGREDIENTS ASIA-PACIFIC PTE. LTD.

MANAGING DIRECTOR

17/04/2001

-

-

6

VILLE HOLDINGS PTE. LTD.

DIRECTOR

07/04/2008

-

-

 

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

CAROTINO BIOCHEM PTE. LTD.

LIVE COMPANY

SHAREHOLDER

-

12/04/2011

 

 

Bankruptcy Record

 

 

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

 

Litigation Search – Writ of Summons

 

Court

Case No.

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

NA

 

                                                                                                                       

 

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there have been 1 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

200204527

 

Date of Registration

:

14/10/2002

 

Chargee

:

STANDARD CHARTERED BANK

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

LITIGATION

 

To date, there have been 1 litigation suits filed against Subject.

 

 

Current Year

On/After 01 Jan 2011

Past Years

Bef 01 Jan 2011

 

Court (Claim under normal circumstances)

Magistrate (< $80,000)

0

0

District ($80,000 - $250,000)

0

1

High (>$250,000)

0

0

 

Winding Up Trace

 

No

In litigation/Dissolved/Struck Off/In receivership

No

 

The details are as follows:

 

1)

Court

:

District Court

 

Case No.

:

1867

 

Date of Filing

:

11/06/2007

 

Amount

:

85,865.58

 

Cause

:

Contract - Others

 

Case Status

:

CONCLUDED

 

Plaintiff

:

LOYAL OIL SERVICES PTE LTD

 

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

21/04/2011

Date of Last AR

:

21/04/2011

Date of A/C Laid At Last AGM

:

31/12/2010

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2010

% Change

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Currency

SINGAPORE, DOLLARS

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

66,248,889

10.99

59,688,165

79,537,190

54,201,098

37,461,676

Profit/(Loss) Before Tax

1,869,111

17.02

1,597,259

2,071,991

1,970,625

835,566

Profit After Tax attributable to Shareholders

1,740,941

27.55

1,364,939

1,719,145

1,586,834

701,408

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

12,357,027

17.92

10,479,179

10,887,615

13,110,985

7,551,192

Current Assets

9,218,900

13.69

8,109,007

8,901,709

11,489,095

5,947,584

Non Current Assets

3,138,127

32.40

2,370,172

1,985,906

1,621,890

1,603,608

 

 

 

 

 

 

 

Total Liabilities

4,475,624

10.28

4,058,547

5,632,603

9,345,464

4,604,555

Current Liabilities

4,313,114

6.87

4,035,766

5,561,780

9,202,137

4,411,628

Non Current Liabilities

162,510

613.36

22,781

70,823

143,327

192,927

 

 

 

 

 

 

 

Shareholders' Funds

7,881,403

22.75

6,420,630

5,255,013

3,765,521

2,946,637

Share Capital

1,360,700

-6.49

1,455,133

705,488

751,309

475,283

Total Reserves

6,520,703

31.32

4,965,497

4,549,525

3,014,212

2,471,354

 

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2010

DEC 2009

DEC 2008

DEC 2007

DEC 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

10.99

-24.96

46.74

44.68

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

2.63

2.29

2.16

2.93

1.87

Return on Equity (%)

22.09

21.26

32.71

42.14

23.80

Return on Assets (%)

14.09

13.03

15.79

12.10

9.29

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

0.57

0.63

1.07

2.48

1.56

Current Debt/Equity (Times)

0.55

0.63

1.06

2.44

1.50

Long Term Debt To Equity (Times)

0.02

0.00

0.01

0.04

0.07

Total Asset To Total Equity (Times)

1.57

1.63

2.07

3.48

2.56

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

5.36

5.70

7.31

4.13

4.96

Fixed Assets Turnover (Times)

21.11

25.18

40.05

33.42

23.36

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

2.14

2.01

1.60

1.25

1.35

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

The company's CAGR is 15.32% (4 years).

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

 

Profitability

The company yielded a rate of net profit on sales of 2.63 per cent in FY10 (FY09: 2.29 per cent). The company is now able to book in SINGAPORE, DOLLARS 0.03 of profit for every SINGAPORE, DOLLARS of sales in FY10, as compared with SINGAPORE, DOLLARS 0.02 a year ago.

 

Liquidity

Current ratio stood at 2.14 times in FY10 (FY09: 2.01 times). This means that the company has SINGAPORE, DOLLARS 2.14 of current assets for every SINGAPORE, DOLLARS of current liability incurred.

 

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

 

FINANCIAL COMMENTARY

 

Leverage

Total debt-to-equity ratio notched 0.57 times in FY10, as compared with 0.63 times in FY09. This means that the company requires additional external financing of SINGAPORE, DOLLARS 0.57 for every SINGAPORE, DOLLARS injected into its operations.

 

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

 

 

Efficiency Ratio

 

Return on equity was 22.09 per cent for Subject in the current financial period, as compared to 21.26 per cent a year ago. The return on equity measures the return earned on the owner's investment.  Generally, the higher this return, the better off the owner.

 

Return on assets stood at 14.09 per cent (FY09: 13.03 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

Total assets turnover ratio logged at 5.36 times in FY10 (FY09: 5.70 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.40

UK Pound

1

Rs.73.26

Euro

1

Rs.65.17

 

 

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.