MIRA
INFORM REPORT
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Report Date : |
04.10.2007 |
IDENTIFICATION DETAILS
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Name : |
INTERNATIONAL
FLAVORS & FRAGRANCES INC. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
06/12/1909 |
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Legal Form : |
Corporation -
Public |
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Line of Business : |
Designer and
manufacturer of flavor and fragrance products. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
IDENTIFICATION
& EXECUTIVE SUMMARY
Company Name: INTERNATIONAL
FLAVORS & FRAGRANCES INC.
Trade Name(s): IFF
Address:
City:
State/Province:
Zip Code: 10019
Country: UNITED
STATES
Telephone: 212
765-5500
Facsimile: 212
708-7132
Founded
(D/M/Y): / /1909
In KUSD As of:
31/12/2006
Sales /
Revenue: 2,095,390
Net Income: 226,500
Total Equity: 905,168
Number of Employees:
5,087
Legal Form: Corporation
- Public
Website: www.iff.com
Maj.
Shareholder: Mr. Henry van Amerigen
Business Activity: The Company is a designer and
manufacturer of flavor and fragrance products.
NOTE TO CLIENT
NOTE: The provided
address:
LEGAL
Legal Form: Corporation -
Public
Since (D/M/Y): 06/12/1909
State/Province of
Incorporation: NY
Status: ACTIVE
Previous Legal Form:
Company is required
to publish an annual financial report.
The Firm is
incorporated in
Current Entity
Name: INTERNATIONAL
FLAVORS & FRAGRANCES INC.
Initial DOS Filing
Date: DECEMBER
06, 1909
County:
Jurisdiction:
Entity Type: DOMESTIC
BUSINESS CORPORATION
Current Entity
Status: ACTIVE
Selected Entity
Address Information DOS Process
INTERNATIONAL
FLAVORS & FRAGRANCES INC.
Principal Executive Office
INTERNATIONAL
FLAVORS & FRAGRANCES INC.
Registered
Agent: NONE
----------------------------------------------------------------------
The Firm is traded
on New York Stock Exchange under Ticker " IFF" As of Jul. 30, 2007:
Closing Price: US$
53.23
52 Weeks
High/Low: $ 54.09 / $ 39.48
Shares
Outstanding: 89,253,000
Managers/Key
Personnel
Mr. Robert M.
Amen Chairman & Chief Executive Officer
Mr. Douglas J.
Wetmore Vice Pres. & Chief Financial Officer
Mr. Dennis M.
Meany Vice President & General Counsel
OWNERS
Mr. Henry van
Amerigen 8.50% Shareholder
Mr. George Rowe,
Jr. 7.40 Shareholder
Mr. William D. Van
Dyke, III 7.70 Shareholder
TRUST, C/O J.P.
MORGAN
SUBSIDIARIES
International
Flavors & Fragrances I.F.F. (
The
Aromatics Holdings
Limited
International
Flavours & Fragrances (
Irish Flavours and
Fragrances Limited
International
Flavours & Fragrances I.F.F. (
International
Flavors & Fragrances I.F.F. (Italia)
S.r.l.
International
Flavors & Fragrances I.F.F.
(Deutschland) G.m.b.H.
International
Flavors & Fragrances I.F.F. (
International
Flavors & Fragrances I.F.F. (
International
Flavors & Fragrances (
International
Flavors & Fragrances (
International
Flavors & Fragrances S.A.C.I.
I.F.F. Essencias e
Fragrancias Ltda.
International
Flavours & Fragrances (
P.T. Essence
International
Flavors & Fragrances (
IFF
International
Flavors & Fragrances I.F.F. (Espana)
International
Flavors & Fragrances (
IFF Trading Company
B.V.
The
International
Flavors & Fragrances (
International
Flavors & Fragrances (
International
Flavors & Fragrances I.F.F. (
The PAKS Corporation
International
Flavors & Fragrances I.F.F. (
Alva Insurance Ltd.
van
Ameringen-Haebler, Inc.
International
Flavors & Fragrances (Caribe) Inc.
Sabores y
Fragrancias
IFF Sabores y
Fragrancias de Chile Ltda.
IFF Aroma Esans
Sanay A.S.
International
Flavors & Fragrances I.F.F. (
Misr Co. for
Aromatic Products (MARP) S.A.E.
International
Flavors & Fragrances I.F.F. (
International Flavors
& Fragrances (
International
Flavours & Fragrances (
Speciality
Fragrances (
International
Flavors & Fragrances (
International Flavors
& Fragrances (
International
Flavours & Fragrances (
International
Flavors & Fragrances (
Laboratoire Monique
Remy SAS
International
Flavors & Fragrances (
The
International
Flavors & Fragrances Ardenne
S.a.r.l.
International
Flavors & Fragrances (
International
Flavors & Fragrances (
International Flavours
& Fragrances (GB) Holdings Limited
IFF International
Inc.
IFF Financial
Services
International
Flavors & Fragrances Global Holding
S.a.r.l.
IFF Capital Services
IFF (
IFF Australia
Holdings Pty Limited
IFF Chemical
Holdings Inc.
IFF (
IFF Mexico Holdings
LLC
IFF Latin American
Holdings (Espana) SL
IFF Augusta Limited
Fragrance
Ingredients Holdings Inc.
Bush Boake Allen
Inc.
Bush Boake Allen (
Bush Boake Allen
Industria E Commercial do Brasil Limitada
Bush Boake Allen
Controladora S.A. de C.V.
Bush Boake Allen
(Nominees) Limited
Bush Boake Allen Holdings
(
Bush Boake Allen
Pension Investments Limited
Bush Boake Allen
(Executive Pension Trustees) Limited
Bush Boake Allen
(Pension Trustees) Limited
Bush Boake Allen
(Works Pension Trustees) Limited
Bush Boake Allen
Limited
GMB Proteins Limited
Bush Boake Allen
Australia Pty Ltd.
A. Boake, Roberts
And Company (Holding), Limited
Bush Boake Allen (
International
Flavours & Fragrances (
International
Flavors & Fragrances
Bush Boake Allen
Bush Boake Allen
France
Bush Boake Allen
International
Flavours & Fragrances (
Bush Boake Allen (
Bush Boake Allen
(SA) (Proprietary) Limited
Bush Boake Allen (
Bush Boake Allen Benelux
B.V.
International
Flavors & Fragrances I.F.F. (Norden)
AB
Stafford Specialty
Ingredients Limited
Bush Boake Allen
Asian Investments,
Inc.
Fragrance Holdings
Private Limited
Essence Scientific
Research Private Limited
Jamaica Extracts
Limited
Bush Boake Allen
Barbados Inc.
Bush Boake Allen
Enterprises Ltd.
Celessence
International Limited
BANKS
Telephone:
Facsimile:
Account Number:
Account Manager:
In 2005 the Firm
entered into a revolving credit agreement with undisclosed banks in excess of
US$350,000,000 and EURO 400,000,000.
PAYMENT HISTORY
BUSINESS
DATE LAST PAYMENT CREDIT BALANCE
CUR 1- 31- 61-
CATEGORY
REPTD
---------- ----- ----- ------- --------
-------- --- --- --- --- --- --------
FACTOR
07-08 05-06 VARIED 5200 0
0 0 0
0 0
FINCL SVCS 07-09 00-00 CONTRCT 0 0
0 0 0
0 0
FOOD DISTR 07-08 07-08 VARIED 9400
3500 100 0 0
0 0
SAFTY PROD 07-09 00-00 NET 30 0
0 0 0
0 0 0
CUST 1 YR
ADVERTISNG 06-05 00-00 VARIED 0
0 0 0
0 0 0
AIR TRANS
06-11 00-00 NET 30 1200 0
0 0 0
0 0 CUST 23 YR
ELEC EQUIP 07-04 07-04 CONTRCT 8200 8200
100 0 0 0 0
FINCL SVCS 06-05 00-10 NET30 0
0 0 0
0 0 0
TEMP HELP
07-01 00-00 NET 10 17500 5800
62 38 0
0 0 CUST 10 YR
CURRENT QUARTER 14600 3500
100 0 0 0 0
Payment Trends
INDUSTRY BUSINESS BALANCE
CUR 1- 31- 61-
DATE
CUR DBT DBT $ %
30 60 90 91+
--------
--- --- --- -------- --- --- --- --- ---
20070900
0 19 0 3500 100 0
0 0 0
20070800
0 5 2 3300 87
13 0 0 0
20070700
0 6 0 3700 100 0
0 0 0
20070600
0 6 0 4200 100 0
0 0 0
20070500
0 5 0 5300 100 0
0 0 0
20070400
0 3 5 5200 68
32 0 0 0
Payment History - Quarterly Averages
BALANCE CUR 1- 31- 61-
QUARTER
YEAR DBT $ %
30 60 90 91+
-------- ------ --- -------- --- --- --- --- ---
Second
2007 0 4400
100 0 0 0 0
First
2007 2 5000 85
15 0 0 0
Fourth
2006 0 4700 99
1 0 0 0
Third
2006 0 5900 100 0
0 0 0
Second
2006 0 7700 100 0
0 0 0
FINANCIAL
INFORMATION
FINANCIAL FIGURES
Year-End (D/M/Y): 30/06/2007 31/12/2006 31/12/2005
Quarterly Consolidated Consolidated
Sales / Revenues 1,139,827 2,095,390 1,993,393
Interest Income - 9,838 3,268
Gross Margin 482,777 884,131 824,401
Operating Income (Loss) 197,805 328,993 266,876
Interest on Loans 16,710 25,549 23,956
Other Expenses -170,863 -194,407 -147,749
RESULTS
Income before Taxes 184,081 313,282 246,188
Income Tax 43,020 86,782 53,122
Net Income 141,061 226,500 193,066
ASSETS
Cash and Equivalents 124,171 114,508 272,545
Inventory 454,737 446,606 430,794
Accounts Receivables 479,266 494,750 443,885
Other Current Assets 95,559 23,335 43,698
Total Current Assets 1,154,316 1,079,803 1,191,274
Property Plant & Equip 482,861 495,124 499,145
Other Fixed Assets 171,206 157,253 175,126
Total Fixed Assets 1,392,672 1,399,101 1,446,922
Intangibles 738,605 745,716 772,651
Total Assets 2,546,988 2,478,904 2,638,196
LIABILITIES
Trade Creditors 172,557 298,364 180,126
Other Current Liab 160,408 132,510 203,178
Total Current Liab 351,947 446,771 1,202,696
Long Term Debt 785,774 791,443 131,281
Other Long Term Liab 414,611 335,522 388,872
Total Long Term Liab 1,200,385 1,126,965 520,153
Total Liabilities 1,552,332 1,573,736 1,722,849
EQUITY
Retained Earnings 2,012,007 1,907,134 1,749,449
Total Equity 994,656 905,168 915,347
FINANCIAL ANALYSIS
Actual Previous Percentage of total assets
30/06/2007 31/12/2006 30/06/2007
31/12/2006
Cash and Equivalents 124,171 114,508 4.88 4.62
Inventory 454,737 446,606 17.85 18.02
Other Current Assets 95,559 23,335 3.75 0.94
Total Current Assets 1,154,316 1,079,803 45.32 43.56
Intangibles 738,605 745,716 29.00 30.08
Total Assets 2,546,988 2,478,904 100.00
100.00
Total Current Liab 351,947 446,771 13.82 18.02
Long Term Debt 785,774 791,443 30.85
31.93
Other Long Term Liab 414,611 335,522 16.28 13.54
Total Liabilities 1,552,332 1,573,736 60.95 63.49
Total Equity 994,656 905,168 39.05 36.51
The above financial
figures are provided in USD thousands.
CURRENT OPERATIONS
NAICS Code: 32562
Toilet Preparation Manufacturing
SIC Code: 2844
Number of
Employees: 5,087
Business Activity:
The Company is a
designer and manufacturer of flavor and fragrance products.
Fragrance products
are sold principally to manufacturers of perfumes, cosmetics, toiletries, hair
care products, deodorants, soaps, detergents and air care products; flavor
products are sold to manufacturers of prepared foods, beverages, dairy foods, pharmaceuticals and
confectionery products.
The headquarters is
located at the above-noted address.
The principal
executive offices of the Company and its
PUBLIC RECORD
UNIFORM COMMERCIAL
CODES:
DEBTOR INFORMATION
Debtor(s): INTERNATIONAL FLAVORS & FRAGRANCES, INC
2051 LANE AVENUE N
SECURED PARTY OR CREDITOR INFORMATION
Secured
Party(s): BENNETT'S LEASING INCORPORATED
--
DEBTOR INFORMATION
Debtor(s): INTERNATIONAL FLAVORS & FRAGRANCES INC
SECURED PARTY OR CREDITOR INFORMATION
Secured
Party(s): PRINCETON CR CORP
2551 RT 130
ASSIGNEE INFORMATION
Assignee(s): STERLING NATL BK & TR CO OF NY
COLLATERAL
INFORMATION
Collateral
Type: LEASED EQUIPMENT INCLUDING
PROCEEDS AND PRODUCTS
--
DEBTOR INFORMATION
Debtor(s): INTERNATIONAL FLAVORS & FRAGRANCES INC
1515 HIGHWAY 36
SECURED PARTY OR CREDITOR INFORMATION
Secured
Party(s): MIDLANTIC NATIONAL BANK
ASSIGNEE INFORMATION
Assignee(s): INFORMATION PROCESSING SYSTEMS INC
COLLATERAL INFORMATION
Collateral
Type: LEASED EQUIPMENT
--------------------------------------------------------------------------------
NO BANKRUPTCY
PETITION WAS FILED BY THE COMPANY.
GENERAL COMMENTS
The Subject is a
well established manufacturer of flavor and fragrance products. Payment are
considered to be generally satisfactory and a search of public records and
bankruptcy courts returned no derogatory information or record of the Company
filing a bankruptcy petition.
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 |
|
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
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%)