MIRA
INFORM REPORT
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Report Date : |
27.12.2008 |
IDENTIFICATION DETAILS
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Name : |
MCCORMICK [ |
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Registered Office : |
64/149 Moo 4, Eastern Seaboard
Industrial Estate, T. Pluakdaeng,
A. Pluakdaeng, Rayong
21140 |
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Country : |
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Financials (as on) : |
31.10.2007 |
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Date of Incorporation : |
25.05.1995 |
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Com. Reg. No.: |
0105538062987 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Distributor and
Exporter of Food Seasonings |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
MCCORMICK [
SUMMARY
BUSINESS ADDRESS : 64/149 MOO 4,
EASTERN SEABOARD
INDUSTRIAL ESTATE,
T. PLUAKDAENG,
A. PLUAKDAENG,
TELEPHONE : [66] 38
955-727-9
FAX : [66] 38
955-722, 38 955-733
E-MAIL ADDRESS : raynu-wiiasri@mccormick.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1995
REGISTRATION NO. : 0105538062987 [Former : [2]
2420/2538]
CAPITAL REGISTERED : BHT.
14,000,000
CAPITAL PAID-UP : BHT.
14,000,000
FISCAL YEAR CLOSING DATE : OCTOBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR.
THITIKORN
ROJANASASITORNWONG, THAI
GENERAL MANAGER
AND MARKETING MANAGER
NO. OF STAFF : 49
LINES OF BUSINESS : FOOD
SEASONINGS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH
MANAGEMENT STANDARD : MANAGEMENT
WITH GOOD PERFORMANCE
HISTORY
The subject was
established on May
25, 1995 as
a private limited
company under the
name style MCCORMICK [THAILAND] LTD., by
Thai and American groups. It is
a subsidiary of McCormick Thailand
Inc Corporation Service
Company, U.S.A, in order
to manufacture and market
food seasoning products to
both domestic and
international markets. It
currently employs 49
staff.
The subject’s registered
address was initially
located on the 16th
Floor, Alma Link Building,
Ploenchit Rd., Lumpini,
Pathumwan, Bangkok 10330.
On November 2, 2004,
it was relocated
to 64/149 Moo 4,
Eastern Seaboard Industrial
Estate, T. Pluakdaeng,
A. Pluakdaeng, Rayong 21140,
and this is
the subject’s current
operation address.
THE BOARD
OF DIRECTOR
|
Name |
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Nationality |
Age |
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Mr. Russell Eves |
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Australian |
62 |
|
Mr. Keith Edward Gibsons |
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Canadian |
54 |
|
Mr. Robert John
Nehlkorn |
[x] |
American |
59 |
|
Mr. Alan Dale
Wilson |
[x] |
American |
50 |
|
Mrs. Hwei Fong
Lee |
|
Singaporean |
52 |
|
Mr. Natee Thongdee |
[x] |
Thai |
64 |
AUTHORIZED PERSON
One of the
mentioned directors [x]
can sign or
one of directors
[x] can jointly
sign with one
of the rest
directors on behalf
of the subject
with company’s affixed.
MANAGEMENT
Mr. Thitikorn
Rojanasasitornwong is the
General Manager and
Marketing Director.
He is Thai
nationality.
BUSINESS OPERATIONS
The subject is
engaged in manufacturing
and marketing the various types
of food seasoning
products as follows:
1. Spices & Seasonings;
Garlic & Onion, Pepper,
Seasoning blends, Herbs,
Salt free, Spices,
Specialty Items and etc.
2. Extracts &
Food Colors;
Baker’s imitation
vanilla, Imitation almond
extract, Imitation butter,
Flavor, Pure
almond extract,
Pure peppermint extract,
Root beer concentrate,
Imitation banana
extract, Imitation
maple flavor, Mint
extract, Vanilla blend,
Pure orange extract,
etc.
3. Grill Mates;
Grilling sauces,
Seasoning blends, Marinades,
Salt free and etc.
4. Seasoning Mixes;
Gravy, Pasta,
Mexican, Beef, Sauces,
Chicken & Dips.
5. BAG’n Season;
Pork chops,
Pot roast, Buffalo
wings, Swiss steak
and etc.
6. Grinders;
Black peppercorn
grinder, Garlic pepper
seasoning grinder, Peppercorn
medley
grinder,
Pizza seasoning
grinder, sea salt
grinder and etc.
7. 1 Step Seasonings;
Cajun, Italian
herb, Roasted garlic
& bell pepper,
Sweet onion & pepper, Garlic
herb,
Lemon herb,
Sun-dried tomato & herb and
etc.
8. Golden Dipt
Seafood Complements;
Breaders & Batters, Sauces & marinades, Cocktail & Tartar sauces,
Shrimp & Crab
boil,
Bag’n season.
9. Fresh Herbs;
Fresh herbs
& Specialty items
BRAND NAME
“McCormick”
PURCHASE
70% of raw
materials is purchased
from local supplier,
the remaining 30%
is imported from
U.K., U.S.A., Australia,
Japan and Indonesia.
SALES
95% of its
products is sold
locally by wholesale
to end-users.
EXPORT
5% of its
products is exported
to Singapore, India, Taiwan, Hong Kong,
Malaysia, Korea, Japan and etc.
PARENT COMPANY
McCormick Thailand Inc
Corporation Service Company
Address:
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Imports are by
L/C at sight
or T/T on
negotiated term.
Exports are against
T/T.
BUSINESS TRANSACTION
The products are
sold both by
cash and credit
with the maximum
credit given at
30-60 days. The subject is not found to have problem
on its account
receivable.
BANKING
Bangkok Bank Public
Co., Ltd.
[Head Office :
EMPLOYMENT
The subject employs
49 staff [office
staff and factory
workers].
LOCATION DETAILS
The premise is
rented for administrative office, factory & warehouse at
the heading address.
Premise is located
in industrial area.
COMMENT
The company’s products have been marketed in
FINANCIAL INFORMATION
The capital was
initially registered at
Bht. 1,000,000 divided into
10,000 shares of Bht.
100 each.
The capital was
increased later as
following:
Bht. 2,000,000
on September 22,
2000
Bht. 14,000,000
on December 9,
2002
The latest registered
capital was increased
to Bht. 14,000,000
divided into 140,000
shares of Bht.
100 each with
fully paid.
THE SHAREHOLDERS
LISTED WERE
[as at
February 29, 2008]
|
NAME |
HOLDING |
% |
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McCormick Thailand Inc
Corporation Service Company Nationality: American Address : |
139,988 |
99.99 |
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Mr. Paul C. Beard Nationality: American Address : 1328 |
2 |
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Mr. Fred Herman
Lizour Nationality: American Address : 18 |
2 |
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Mr. Robert William
Skelton Nationality: American Address : 12303 |
2 |
=0.01 |
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Mr. William Jeffrey
Carpenter Nationality: American Address : 18807 |
2 |
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International Ingredient Inc. Nationality: American Address : 18 |
2 |
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Mr. Natee Thongdee Nationality: Thai Address : |
2 |
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Total Shareholders : 7
NAME OF
AUDITOR & CERTIFIED
PUBLIC ACCOUNTANT NO.
Mrs. Kamolthip
Lertwitvorathep No. 4377
BALANCE SHEET [BAHT]
The latest financial
figures published for
October 31, 2007
& 2006 were:
ASSETS
|
Current Assets |
2007 |
2006 |
|
|
|
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Cash in hand
& at Bank
|
3,631,859 |
4,659,196 |
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Trade Accts. Receivable - Related company |
24,403,093 |
11,297,926 |
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Less: Allowance for
Doubtful Account |
[500,000] |
[500,000] |
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Trade Accts. Receivable - Related company-net |
20,903,093 |
10,797,926 |
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Receivable - Related company |
5,036,937 |
9,798,236 |
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Inventories |
16,057,797 |
8,824,296 |
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Other Current Assets
|
377,124 |
359,947 |
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Total Current Assets
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46,006,810 |
34,439,601 |
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Fixed Assets |
35,186,799 |
37,756,537 |
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Other Assets |
2,275,438 |
2,209,401 |
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Total Assets |
83,469,047 |
74,405,539 |
LIABILITIES & SHAREHOLDERS' EQUITY [BAHT]
|
Current Liabilities |
2007 |
2006 |
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Short Term Loan
from Financial Institution |
30,000,000 |
44,000,000 |
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Trade Accts. Payable - Related company |
10,486,509 |
7,708,879 |
|
- Non related company |
11,835,516 |
5,409,725 |
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Total Trade Accts. Payable |
22,322,025 |
13,118,604 |
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Payable Related Company |
3,296,343 |
9,794,862 |
|
Other Current Liabilities |
8,167,555 |
7,784,192 |
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Total Current Liabilities |
63,785,923 |
74,697,658 |
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Total Liabilities |
63,785,923 |
74,697,658 |
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Shareholders' Equity |
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Share capital : Baht 100
value authorized, issued
and fully paid share
capital 140,000 shares |
14,000,000 |
14,000,000 |
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Capital Paid |
14,000,000 |
14,000,000 |
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Retained Earning -
Unappropriated |
5,683,124 |
[14,292,119] |
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Total Shareholders' Equity |
19,683,124 |
[292,119] |
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Total Liabilities &
Shareholders' Equity |
83,469,047 |
74,405,539 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2007 |
2006 |
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Sales Income |
131,068,172 |
96,054,251 |
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Gain on Exchange Rate |
67,100 |
1,589,451 |
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Other Income |
282,105 |
405,971 |
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Total Revenues |
131,417,377 |
98,049,673 |
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Expenses |
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Cost of Goods
Sold |
87,697,993 |
70,258,809 |
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Selling & Administrative Expenses |
21,881,059 |
21,670,389 |
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Total Expenses |
109,579,052 |
91,929,198 |
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Profit / [Loss] Before Interest
Expenses |
218,38,325 |
6,120,475 |
|
Interest Expenses |
[1,863,082] |
[2,112,850] |
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Net Profit / [Loss] |
19,975,243 |
4,007,625 |
FINANCIAL ANALYSIS
Annual Growth
& Profitability
|
Annual Growth |
2007 |
2006 |
|
Net Sales |
36.45 |
|
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Operating Profit |
161.49 |
|
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Net Profit |
398.43 |
|
|
Fixed Assets |
[6.81] |
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Total Assets |
12.18 |
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Profitability |
|
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Cost of Good
Sold |
66.91 |
73.14 |
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Operating Profit Margin |
16.66 |
6.37 |
|
S & A
Expenses |
16.69 |
22.56 |
|
Interest Paid |
1.42 |
2.20 |
|
Other Revenues |
0.27 |
2.08 |
|
Net Profit Margin |
15.24 |
4.17 |
|
Earning Per Shares |
142.68 |
28.63 |
|
No. of Shares |
140,000 |
140,000 |
Net Sales was
increased by 36.45%,
Operating Profit was
increased by 161.49%,
Net Profit was
increased by 398.43%,
Fixed Assets was
decreased by 6.81%,
Total Assets was
increased by 12.18%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 73.14%
to 66.91%, Operating
Profit Margin was
increased from 6.37%
to 16.66%, S
& A Expenses
was decreased from
22.56% to 16.69%,
Interest Paid was decreased
from 2.20% to
1.42%, Other Revenues
was decreased from
2.08% to 0.27%,
Net Profit Margin
was increased from
4.17% to 15.24%.
Earning Per Shares
was increased from
28.63 baht per
share to 142.68
baht per share.
Liquidity
|
Liquidity |
2007 |
2006 |
|
Current Ratio |
0.72 |
0.46 |
|
Quick-Assets Ratio |
0.46 |
0.34 |
Current Ratio was
increased from 0.46
to 0.72, show
Current Assets can
not cover Current
Liabilities, Liquidity Ratio
of the company
was not good,
Quick-Assets Ratio was
increased from 0.34
to 0.46, capacity
to pay Short
Term Loan was
not good too,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2007 |
2006 |
|
D/E Ratio |
3.24 |
[255.71] |
|
Times Interest Earned |
11.72 |
2.90 |
D/E Ratio was
increased from -255.71
to 3.24, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high,
Times Interest Earned
was increased from
2.90 to 11.72,
capacity to pay
interest paid was
good.
Efficiency
|
Efficiency |
2007 |
2006 |
|
Fixed Assets Turnover |
3.72 |
2.54 |
|
Total Assets Turnover |
1.57 |
1.29 |
|
Return on Assets |
23.93 |
5.39 |
|
Return on Equity |
101.48 |
1,371.92 |
|
Day's Payable |
32.51 |
20.28 |
|
Day’s Inventories |
44.11 |
33.07 |
Fixed Assets Turnover
was increased from
2.54 times to
3.72 times, Total
Assets Turnover was
increased from 1.29
times to 1.57
times, show the company could
use Assets so
efficiently, Return on
Assets was increased
from 5.39 to
23.93, Return on
Equity was decreased
from 1,371.92 to
101.48, capacity to
use Assets to
make profit was
good.
Day's Payable was
increased from 21
days to 33
days, and Day’s
Inventories was increased
from 34 days
to 45 days.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.89 |
|
|
1 |
Rs.70.84 |
|
Euro |
1 |
Rs.67.37 |
RATING EXPLANATIONS
|
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 |
|
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 |
|
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%)