MIRA
INFORM REPORT
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Report Date : |
26.07.2007 |
IDENTIFICATION DETAILS
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Name : |
MASTERTASTE INC. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
28/08/2002 |
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Legal Form : |
Private |
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Line of Business : |
The Subject is a developer and manufacturer of flavors and flavor
ingredients as well as fragrances. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
up to $100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
IDENTIFICATION &
EXECUTIVE SUMMARY
Company Name : MASTERTASTE INC.
Address :
City :
TETERBORO
State/Province : NEW
Zip Code :
07608
Country :
UNITED STATES
Telephone :
201-373-1111
Facsimile :
201-288-5104
Legal Form :
Corporation - Private
Website :
www.mastertaste.com
Maj. Shareholder : Kerry
Group Plc
Opinion :
up to $100,000
Business Activity : The
Subject is a developer and manufacturer of flavors and flavor ingredients as
well as
fragrences.
In KEUR As of : --
Sales / Revenue : --
Net Income : --
Total Equity : --
Number of Employees : 220
NOTE TO CLIENT
Please note that the provided address corresponds to a branch location
for the Subject. The heading address is the location for the Subject's
headquarters and operations.
We contacted the company and spoke to the Receptionist, Ms. Ernestine
Fonville who provided information about the company.
Please note that we did send a written request to her attention via
facsimile. An update will be provided accordingly should we receive a response
at a later time.
Credit can be reasonably accepted up to $100,000. The system for
creating @ratings has been developed by Coface credit insurance underwriters
and these ratings serve as credit limits for
some insurance policies. (If you require a recommendation in excess of
$100,000, you should order a customized Credit Opinion, through the online
system Cofanet.) Please contact service@coface-usa.com if you need ID and
password to access Cofanet.
Amount Requested:
80,000
The amounts requested and advised are expressed in: EUR
LEGAL
Legal Form: Corporation -
Private
Since (D/M/Y) :
28/08/2002
State/Province of Incorporation :
DE
Status :
ACTIVE
Previous Legal Form :
--
Company is NOT required to publish an annual financial report.
The Subject is incorporated in
the state of
File Number :
3563500
Incorporation Date :
08/28/2002
Entity Name :
MASTERTASTE INC.
Entity Kind :
CORPORATION
Entity Type :
GENERAL
Residency :
DOMESTIC
State :
DE
REGISTERED AGENT :
CORPORATION SERVICE COMPANY
Phone: (302)636-5401
The Subject is qualified in the
state of
Business Name : Mastertaste Inc.
Business ID Number : 0100925571
Business Type : Foreign Profit
Corporation
Status : Active
Filing Date : 5/5/2004
Home Jurisdiction : DE
Registered Agent : Corporation Service
Company
Managers/Key
Personnel
Mr. Tom Mesters Vice
President
Mr. Paul Shanahan Vice President
Mr. Michael O'Neill Vice President
Mr. Shane McGibney Vice President
OWNERS
Kerry Group Plc
100.00% Majority
AFFILIATED ENTITIES
The Subject has three divisions:
a Fragrance Division, a Natural Products Division, and a Manheimer Fragrances
Division. The Subject is affiliated with the following entities through common
ownership (with parent company KERRY GROUP PLC):
Kerry Inc. -
Kerry Foodservice -
Kerry Sweet Ingredients - New Century, KS
Pacific Seasonings Inc. -
SPI Foods -
Parent Companies
Parent Company: Kerry Group Plc
Prince's Street
Telephone : 353-667182000
The parent company, KERRY GROUP PLC, is traded publicly on the Dublin Stock
Exchange under the symbol KYGa.I. The recent trading price for KYGa.I was �19.87. There are
approximately 179,890,535 shares of common stock outstanding.
The 52-week range was �22.86 / �15.04.
KEY FINANCIAL DATA FOR KERRY GROUP PLC (All figures are expressed in
Millions of EURO)
2006
Revenue 4,645.90
Total Assets 4,014.00
Net Income 178.00
Total Liabilities 2,691.00
Total Equity 1,323.00
As far as could be determined, there are no known subsidiaries.
BANKS
M& T Bank
NJ
Telephone: 732-499-7214
Facsimile:
Account Number:
Account Manager:
We have contacted the above-mentioned bank which has not responded yet. In
the event a response is received, the information will be updated immediately.
We were unable to obtain the Subject's account number.
PAYMENT HISTORY
BUSINESS DATE
LAST PAYMENT CREDIT BALANCE
CUR 1- 31- 61-
CATEGORY
REPTD
---------- ----- ----- ------- --------
-------- --- --- --- --- --- --------
CHEMICALS
07-05 00-00 CREDIT 21000 21000
72 26 0
2 0
CHEMICALS
07-04 07-02 NET 30 37700 34300
0 100 0 0 0
FACTOR
07-07 05-07 VARIED 0 0
0 0 0
0 0
FOOD
07-06 00-00 VARIED 11900 11900
45 55 0
0 0 CUST
8 YR
HEATNG& A/C 07-06 00-00 NET 30 27900
27900 100 0 0
0 0
PACKAGING
07-07 04-11 NET 30 8700 1200
100 0 0 0 0 CUST
4 YR
PAPER DIST 07-07 07-06 1/10N20 10600 7800
72 0 1
0 27 CUST 7
YR
PAPER DIST 07-07 07-06 2/10N30 5700 5700
63 37 0
0 0 CUST
1 YR
PROP MGMT
07-05 00-00 NET 30 900 900 100 0
0 0 0
SAFTY PROD 07-05 00-00 NET 30 0
0 0 0
0 0 0
WELDING
07-07 00-00 NET 30 100 0
0 0 0
0 0
AIR TRANS
06-11 00-00 NET 30 2300 0
0 0 0
0 0 CUST
4 YR
BUS SERVCS 06-10 06-10 NET 30 0
0 0 0 0 0 0
COMPUTERS
06-06 06-05 0000000 25400
0 0 0
0 0 0
RUBR& PLAST 06-03 06-03 VARIED 7100
7100 48 0
0 52 0
CUST 1 YR
SOAP
06-05 00-00 2/10N30 600
200 100 0 0
0 0
TELECOM
06-10 00-00 NET 30 300 100
0 100 0 0
0 DISPUTE
CURRENT QUARTER 123600 109800
54 44 0
0 2
Payment Trends
INDUSTRY BUSINESS BALANCE
CUR 1- 31- 61-
DATE
CUR DBT DBT $ %
30 60 90 91+
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--- --- --- -------- --- --- --- --- ---
20070700
0 0 9 101700 52
46 0 0 2
20070600
0 0 12 80000 41
55 0 1 3
20070500
0 0 12 68800 35
60 1 4 0
20070400
0 0 7 72700 76
17 4 3 0
20070300
0 0 6 80700 72
25 1 2 0
20070200
0 0 8 96800 70
23 3 2 2
Payment History - Quarterly Averages
BALANCE CUR 1- 31- 61-
QUARTER
YEAR DBT $ %
30 60 90 91+
-------- ------ --- -------- --- --- --- --- ---
Second
2007 11 83000 44
53 0 1 2
First
2007 7 83400 72
22 3 2 1
Fourth
2006 10 18900 66
24 5 4 1
Third
2006 11 13100
62 29 2
4 3
Second
2006 10 10000 65
28 1 3 3
FINANCIAL INFORMATION
The Company was forwarded a fax requesting financial information.
Currently we have not received a response.
The Subject would not disclose any financial information. Other outside
sources consulted could not provide any further insight into the financial
condition of this firm.
CURRENT OPERATIONS
NAICS Code: 31193
Flavoring Syrup and Concentrate Manufacturing
SIC Code: 2087
Number of Employees
220
Business Activity
The Subject is a developer and
manufacturer of flavors and flavor ingredients as well as fragrences. The
Company is engaged as a full-service flavor supplier with business segments in
botanical/herbal extracts, dairy, functional, savory, and sweet flavors. The
Company also manages several acquired flavor and fragrance businesses including
J. Manheimer Inc., Flavurence, and
PUBLIC RECORD
A nationwide search of public and bankruptcy courts show no Uniform
Commercial Codes, tax liens, legal actions or bankruptcy filings under the
Subject's name.
GENERAL COMMENTS
The Subject is engaged as a worldwide flavor and frangrance producer
with a number of divisions and capabilities. The Company's payment history is
satisfactory. Public records and bankruptcy courts show no tax liens, adverse
judgments or bankruptcy filings under the Subject's name. The Subject is
considered responsible for normal business transactions.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)