MIRA INFORM REPORT

 

 

Report Date :

22.10.2008

 

IDENTIFICATION DETAILS

 

Name :

MCCORMICK GLOBAL INGREDIENTS LIMITED

 

 

Registered Office :

Bermuda House-Dr. Roy's Drive, Bank Of Bermuda Bldg Georgetown - Grand Cayman

 

 

Country :

Cayman Islands

 

 

Date of Incorporation :

2003

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturing of Spices Flavor Extracts

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 80,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

REQUIRED CREDIT

ADVISED CREDIT

MAXIMUM

80,000 USD

 

 

GEOPOLITICS

 

POLITICAL DATA

ECONOMIC DATA

FORM OF
GOVERNMENT

Parliamentary system

ECONOMIC RISK

Nil

CURRENCY

USD

BRANCH
SITUATION

Stable

 

IDENTIFICATION

 

Company Name:
Trade Name:

McCormick Global Ingredients Limited
-

Legal Address

Bermuda House-Dr. Roy's Drive, Bank Of Bermuda Bldg Georgetown - Grand Cayman

Mailing Address

P.O. Box 2249 Bermuda House-Dr. Roy's Drive, Bank Of Bermuda Bldg Georgetown - Grand Cayman

Phone:

N.A.

Facsimile:

N.A.

Email:

N.A.

Website

www.mccormick.com

Manager

Alan D. Wilson - President

Staff

5

Registration Number:

N.A.

Legal Form

Limited Company

Registered In:

CAYMAN ISLANDS

Date Created:

2003

Date Incorporated:

-

Stock

N.A.

Value

N.A.

Activity:

Manufacturing of Spices Flavor Extracts

 

 

 

 

BANK(S)

 

Name of the Bank
ROYAL BANK OF CANADA
                                                                                                                                                

 

BUSINESS

 

Activity:

 


Mccormick Global Ingredients Ltd is a manufacturer of spice, flavor & seasonings.

It has not been possible to find any telephone number to contact the company.

It is a subsidiary of a large group.

 

 

SHAREHOLDERS - MANAGERS - RELATED COMPANIES

 

Shareholders/Parent Companies:


McCormick & Company
18 Loveton Cir
Sparks, MD 21152

Management:

 


Alan D. Wilson - President, Chief Executive Officer, Director
Robert J. Lawless - Non - Executive Chairman of the Board

Related Companies:

 


McCormick Food Service
Industrial Flavor Solutions
SupHerb Farms
Zatarain's
McCormick Canada
Schwartz Herbs and Spices
McCormick Foods Australia
Ducros
McCormick de Centro America
AVT McCormick

 

 

FINANCIALS - COMMERCIAL TRENDS AND FORECAST

 

The Subject Company is registered as a Private Limited Company in the Cayman Islands and is therefore exempt from filing and/or publishing Annual Audited Accounts at the Registrar of Companies, under the Cayman Islands Law. In addition, due to the laws of privacy governing disclosure of BANKING INFORMATION, we are unable to demand a copy of the subject's Latest FINANCIAL STATEMENTS.

However, our financial sources could provide us with the following figures:

Currency

Date

USD

2007

Turnover

350,000

Operating Income

5,800,000

Net Income

5,600,000

Net Worth

9,000,000

Liabilities

0



Debentures/Mortgages/Charges:

Our Legal searches in the Credit Bureau Data Base of the Cayman Islands, and the Companies registration file have revealed no evidence of any current registered Mortgage, Chattel Mortgage or Debentures filed in the name of the Company or any of its given Directors.

Other relevant data:

With reference to your request for a Business Credit Report on the above Subject, we hereby advise that according to the Credit Bureau files there are no reports of any Credit Delinquencies registered in the name of the subject Company or its given Directors.

In addition, there was no record of any High Court or Petty Civil Court Judgments entered against the Company or its Directors in any civil suit and/or litigation matter during the period of our Judgment searches (6 years).

Based on our credit Bureau Data Base investigations we have found no evidence of any Reported Credit Delinquency or delay /default /caution on this Company.

RATING


Payments are: made on a 50 days basis - monitored over the last 12 months.


The cash flow is good.


Final opinion:

The company is part of a large international and well established group.

The payments are regular.

A credit line may be considered.

 

SUMMARY

 

FINANCIAL SUMMARY

DEBT COLLECTIONS
AND PAYMENTS

PROFITABILITY

GOOD

PUBLIC

NO

INDEBTEDNESS

NIL

PAYMENTS

REGULAR

CASH

GOOD

 

 

 

ADVISED CREDIT

80,000 USD

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.95

UK Pound

1

Rs.79.56

Euro

1

Rs.63.65

 

 

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

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

 

 

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