MIRA INFORM REPORT

 

 

Report Date :

28.11.2012

 

IDENTIFICATION DETAILS

 

Name :

FASSLER GOURMET PTE LTD

 

 

Registered Office :

46 Woodlands Terrace, Woodlands East Industrial Estate, 738459

 

 

Country :

Singapore

 

 

Date of Incorporation :

23.03.1994

 

 

Reg. No.:

199401989-E

 

 

Legal Form :

Exempt Private

 

 

Line of Business :

Processing Of Smoked And Marinated Seafood Products

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

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. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. 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.

:

199401989-E

COMPANY NAME

:

FASSLER GOURMET PTE LTD

FORMER NAME

:

N/A

INCORPORATION DATE

:

23/03/1994

 

 

 

 

 

 

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

46 WOODLANDS TERRACE, WOODLANDS EAST INDUSTRIAL ESTATE, 738459, SINGAPORE.

BUSINESS ADDRESS

:

46 WOODLANDS TERRACE, 738459, SINGAPORE.

TEL.NO.

:

65-62575257

FAX.NO.

:

65-62577257

WEB SITE

:

www.fasslergourmet.com

CONTACT PERSON

:

MARTIN FASSLER ( MANAGING DIRECTOR )

PRINCIPAL ACTIVITY

:

PROCESSING OF SMOKED AND MARINATED SEAFOOD PRODUCTS

AUTHORISED CAPITAL

:

1,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,000,000.00

ISSUED AND PAID UP CAPITAL

:

1,000,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,000,000.00

SALES

:

N/A

NET WORTH

:

N/A

STAFF STRENGTH

:

N/A

BANKER (S)

:

THE DEVELOPMENT BANK OF SINGAPORE LTD

 

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

N/A

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

MARGINAL GROWTH

 

 

HISTORY / BACKGROUND

 

The SC is an exempt private company which is allowed to have a minimum of two and a maximum of twenty shareholders and all the shareholders must be individuals. An exempt company is a type of private limited company. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, suing or be sued by other companies. The SC is governed by the Companies Act and must file in its annual return. The SC need not file in its financial statements but it has to file in a document duly signed by its director in charge of its finance, the secretary and its auditor stating that the SC is able to meet all its obligations as and when they fall due. Although the SC is not required to file in its financial statements, it also has to prepare its financial account which must be presented at the Annual General Meeting.

The SC is principally engaged in the (as a / as an) processing of smoked and marinated seafood products.

 

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

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

MARTIN FASSLER +

184 LAUREL WOOD AVENUE, 275875, SINGAPORE.

S2594024E

510,000.00

51.00

MRS. JACLYN ANG PECK NEO @ JACLYN FASSLER +

184 LAUREL WOOD AVENUE, 275875, SINGAPORE.

S1693709F

490,000.00

49.00

 

 

 

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

------

 

 

 

1,000,000.00

100.00

 

 

 

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

=====

 

+ Also Director

 

 

DIRECTORS


DIRECTOR 1

 

Name Of Subject

:

MRS. JACLYN ANG PECK NEO @ JACLYN FASSLER

Address

:

184 LAUREL WOOD AVENUE, 275875, SINGAPORE.

IC / PP No

:

S1693709F

Nationality

:

SINGAPOREAN

Date of Appointment

:

23/03/1994

 

DIRECTOR 2

 

Name Of Subject

:

MARTIN FASSLER

Address

:

184 LAUREL WOOD AVENUE, 275875, SINGAPORE.

IC / PP No

:

S2594024E

 

 

 

 

 

 

 

 

 

Nationality

:

SINGAPOREAN

Date of Appointment

:

23/03/1994

 

 

 

 

 

 

 

 

 

 

 

 



 

MANAGEMENT

 

 

 

1)

Name of Subject

:

MARTIN FASSLER

 

Position

:

MANAGING DIRECTOR

 

 

 

 

 

 

AUDITOR

 

Auditor

:

WONG, LEE& ASSOCIATES

Auditor' Address

:

N/A

 

 

 

 

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

WONG KIAH PENG

 

IC / PP No

:

S0091677C

 

 

 

 

 

Address

:

71A LORONG GAMBIR, 536619, SINGAPORE.

 

 

 

 

 

 

 

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

THE DEVELOPMENT BANK OF SINGAPORE LTD

 

 

 

 

 

The SC enjoys normal banking routine with above mentioned banker(s). The SC has bank charges with above mentioned banker(s).

 

 

ENCUMBRANCE (S)


ENCUMBRANCE 1

Date of Creation

:

07/05/2003

Description Of Charge

:

N/A

 

Amount Secured

:

N/A

Description Of Property Affected

:

N/A

 

Name & Address Of Chargee

:

THE DEVELOPMENT BANK OF SINGAPORE LTD

 

 

 

 

 

Form 40 Dated

Registered and Numbered C200302034 In The Register of Charges



LEGAL CHECK AGAINST SC


* A check has been conducted in our databank againt the SC 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



CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

 

 

 

Export Market

:

WORLDWIDE

Credit Term

:

AS AGREED

 

 

 

 

 

 

Payment Mode

:

CHEQUES,TELEGRAPHIC TRANSFER (TT)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATIONS

 

Products manufactured

:

SMOKED AND MARINATED SEAFOOD PRODUCTS

 

 

 

 

Branch

:

NO

 

 

Other Information:


The SC is principally engaged in the (as a / as an) processing of smoked and marinated seafood products.

The SC produces over 200 smoked and value added seafood products.

The SC specialises in unique and custom made seafood products.


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client

:

62575257

Current Telephone Number

:

65-62575257

Match

:

YES

 

 

 

Address Provided by Client

:

46 WOODLAND TERRACE SINGAPORE

Current Address

:

46 WOODLANDS TERRACE, 738459, SINGAPORE.

Match

:

YES

 

Other Investigations


On 27th November 2012 we contacted Ms Jane from Admin Department. She provided some information on the SC.

The SC refused to disclose its number of employees.


FINANCIAL ANALYSIS

 

 

The SC is a private exempt company which does not need to file in its accounts with the Registrar of Companies for the information of the public. Therefore, we are not able to comment on the SC's financial performance.

 

 

 

 

 

 

 

Overall financial condition of the SC : N/A

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2006

2007

2008

2009

2010

 

 

 

 

 

 

Population (Million)

4.40

4.58

4.84

4.98

5.08

Gross Domestic Products ( % )

8.7

8.8

1.5

<0.8>

14.5

Consumer Price Index

1.0

2.1

6.6

0.6

2.8

Total Imports (Million)

378,924.1

395,979.7

450,892.6

356,299.3

423,221.8

Total Exports (Million)

431,559.2

450,627.7

476,762.2

391,118.1

478,840.7

 

 

 

 

 

 

Unemployment Rate (%)

2.7

2.3

2.2

3.2

2.2

Tourist Arrival (Million)

9.75

10.28

10.12

9.68

11.64

Hotel Occupancy Rate (%)

85.2

87.0

81.0

75.8

85.6

Cellular Phone Subscriber (Million)

1.05

1.22

1.31

1.37

1.43

 

 

 

 

 

 

Registration of New Companies (No.)

21,495

25,903

25,327

26,414

29,798

Registration of New Companies (%)

10.2

20.5

<2.2>

4.3

12.8

Liquidation of Companies (No.)

8,980

9,226

10,493

22,393

15,126

Liquidation of Companies (%)

28.1

2.7

13.7

113.4

<32.5>

 

 

 

 

 

 

Registration of New Businesses (No.)

24,219

24,762

24,850

26,876

23,978

Registration of New Businesses (%)

3.17

2.24

0.36

8.15

<10.78>

Liquidation of Businesses (No.)

26,843

21,322

21,150

23,552

24,211

Liquidation of Businesses (%)

<52.3>

<20.6>

<0.8>

11.4

2.8

 

 

 

 

 

 

Bankruptcy Orders (No.)

2,983

2,767

2,326

2,058

1,537

Bankruptcy Orders (%)

15.8

<7.2>

<15.9>

<11.5>

<25.3>

Bankruptcy Discharges (No.)

1,634

1,626

1,500

3,056

2,252

Bankruptcy Discharges (%)

<2.9>

<0.5>

<7.7>

103.7

<26.3>

 

 

 

 

 

 

INDUSTRIES ( % of Growth ) :

 

 

 

 

 

Agriculture

 

 

 

 

 

Production of Principal Crops

3.91

5.26

<0.32>

3.25

<0.48>

Fish Supply & Wholesale

1.33

<3.91>

<6.31>

<1.93>

3.60

 

 

 

 

 

 

Manufacturing *

94.4

100.0

95.8

91.8

119.1

Food, Beverages & Tobacco

89.9

100.0

107.7

102.7

109.5

Textiles

119.9

100.0

92.6

75.0

62.8

Wearing Apparel

114.5

100.0

71.8

45.3

26.4

Leather Products & Footwear

100.3

100.0

84.7

52.6

54.1

Wood & Wood Products

107.1

100.0

88.8

68.3

70.0

Paper & Paper Products

92.5

100.0

98.8

93.3

103.7

Printing & Media

97.6

100.0

96.7

82.5

84.7

Crude Oil Refineries

100.2

100.0

101.0

86.1

85.4

Chemical & Chemical Products

93.8

100.0

95.1

90.4

109.9

Pharmaceutical Products

102.1

100.0

92.8

104.4

159.9

Rubber & Plastic Products

100.1

100.0

92.2

77.6

86.1

Non-metallic Mineral

113.1

100.0

83.1

79.1

79.7

Basic Metals

110.0

100.0

120.9

101.9

112.5

Fabricated Metal Products

97.8

100.0

95.0

85.2

97.2

Machinery & Equipment

83.9

100.0

97.4

85.8

117.7

Electrical Machinery

98.8

100.0

98.1

104.2

149.1

Electronic Components

96.1

100.0

93.0

85.1

115.5

Transport Equipment

85.3

100.0

106.7

100.2

99.3

 

 

 

 

 

 

Construction

46.60

45.60

45.90

<36.9>

14.20

Real Estate

12.9

40.8

<11.2>

1.4

21.3

 

 

 

 

 

 

Services

 

 

 

 

 

Electricity, Gas & Water

<5.3>

11.00

<1.3>

1.70

4.00

Transport, Storage & Communication

6.00

8.50

11.60

3.90

12.80

Finance & Insurance

6.40

41.50

<5.9>

<16.4>

<0.4>

Government Services

13.50

3.80

17.40

4.50

9.70

Education Services

1.10

1.80

0.50

0.10

<0.9>

 

 

 

 

 

 

* Based on Index of Industrial Production (2007 = 100)

 

 

 

 

 

(Source : Department of Statistics)

 

 

 

 

 



INDUSTRY ANALYSIS

 

INDUSTRY :

MANUFACTURING

 

 

 


On a year-on-year basis, manufacturing output increased 24.4% in October 2011. Excluding biomedical manufacturing, output declined 11.2%. On a three-month moving average basis, manufacturing output in October 2011 increased 19.2% compared to the same period in 2010. On a seasonally adjusted month-on-month basis, manufacturing output grew 14.2% in October 2011.


Output of the biomedical manufacturing cluster expanded 112.3% in October 2011 on a year-on-year basis. The pharmaceuticals segment continued to be the main growth driver to the cluster as output increased 117.5% on the back of a different mix of active pharmaceutical ingredients. Output of the medical technology segment also rose 15.2% in October 2011. On a year-to-date basis, the biomedical output increased by 30.0% compared to the same period a year ago.


Output of the transport engineering cluster rose 15.3% year-on-year in October 2011. Within the cluster, the marine and offshore engineering segment's output expanded by 19.3%, with a higher level of oil rigs and shipbuilding activities. The aerospace segment also recorded a 15.7% increase in output with higher demand for repair jobs from commercial airlines in the Asia Pacific region. Cumulatively, output of the cluster grew 6.3% in the first ten months of 2011, compared to the same period in 2010.


The output of the precision engineering cluster declined 5.5% year-on-year in October 2011. The machinery and systems segment increased 0.6% while the precision modules and components segment declined 13.8%, as a result of lower output in metal precision components, connectors, metal stamping work, as well as dies, moulds, jigs and other tools. On a year-to-date basis, the output of the precision engineering cluster was 17.9% higher than the same period in 2010.


The general manufacturing cluster's output declined by 9.8% year-on-year in October 2011. Output of the food, beverages and tobacco segment grew 2.0% while the printing and miscellaneous industries segments declined by 9.1% and 15.0% respectively. On a year-to-date basis, output of the cluster was 3.2% lower, compared to the same period in 2010.


The chemicals cluster's output declined 10.4% year-on-year in October 2011. The specialties segment continued to record higher output due to the new production capacities that started earlier 2011. The petrochemicals and petroleum segments declined by 17.9% and 21.6% respectively in October 2011 due to plant shutdowns. Cumulatively, output of the chemicals cluster grew 5.3% from January to October 2011, compared to the same period in 2010.


Output of the electronics cluster was 20.3% lower in October 2011 compared to the same period in 2010. All segments within the cluster continued to record lower output on the back of shrinking demand for electronics exports. The semiconductors segment saw a 22.5% contraction while the data storage segment declined 13.5%. For the first ten months of 2011, electronics output declined by 10.3%, compared to the same period a year ago.

 

 

OVERALL INDUSTRY OUTLOOK : MARGINAL GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 

 


Incorporated in 1994, the SC is an Exempt Private company, focusing on processing of smoked and marinated seafood products. Having been in the industry for over a decade, the SC 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. The capital standing of the SC is fair. With an adequate share capital, the SC has the potential of expanding its business in future.


Over the years, the SC has penetrated into both the local and overseas market. The SC has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the SC to further enhance its business in the near term. Overall, we regard that the SC's management capability is average.


As the SC is registered as an Exempt Private company, it is not required to file financial statements for public review. As such, we are unable to ascertain its present financial health.


The SC'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.


The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the SC's future performance is very much depend on its marketing strategies in order to retain its position in the market.


In view of the above, we recommend credit be granted to the SC with close monitoring.



FINANCIAL ACCOUNT


No latest financial accounts are available at the Registry Office.


 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.70

UK Pound

1

Rs.89.34

Euro

1

Rs.72.35

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.