MIRA INFORM REPORT
|
Report Date : |
28.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
MCCORMICK INGREDIENTS SOUTHEAST ASIA PRIVATE
LIMITED |
|
|
|
|
Formerly Known As : |
Botanicus Private
Limited |
|
|
|
|
Registered Office : |
4 Enterprise Road Singapore 629816 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
30.11.2010 |
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|
|
|
Date of Incorporation : |
06.10.1970 |
|
|
|
|
Com. Reg. No.: |
197000904G |
|
|
|
|
Legal Form : |
Limited Private Company |
|
|
|
|
Line of Business : |
Wholesale of pepper and other spices Sale of ground and whole spices, sterilisation of spices & botanicals for sale |
|
|
|
|
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 |
|
Maximum Credit Limit : |
S$1,000,000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment
Behaviour : |
No Complaints |
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|
|
|
Litigation : |
Exists |
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Singapore |
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Executive
Summary
|
: |
MCCORMICK INGREDIENTS
SOUTHEAST ASIA PRIVATE LIMITED |
|
|
Registration No |
: |
197000904G |
|
Date of Registration |
: |
06/10/1970 |
|
Former Name |
: |
BOTANICUS PRIVATE LIMITED
Eff. date : 06/10/1970 Eff. date : 06/10/1970 |
|
Date of Change of Name |
: |
02/04/1992 |
|
Type of Company |
: |
LIMITED PRIVATE COMPANY |
|
Registered Address |
: |
4 ENTERPRISE ROAD
SINGAPORE 629816 |
|
Date of Change of Address |
: |
NA |
|
Contact No. |
: |
6265 3433 |
|
Fax No. |
: |
6266 5694 |
|
Website |
: |
NA |
|
Registered Activities |
: |
1. WHOLESALE OF PEPPER
AND OTHER SPICES SALE OF GROUND AND WHOLE
SPICES, STERILISATION OF SPICES & BOTANICALS FOR SALE 2. MANUFACTURE AND PROCESSING
OF SPICES (INCLUDING CURRY POWDER AND SPICE EXTRACTS) PREPARATION &
PROCESSING OF SEASONING, SPICES, BATTER & BREADING |
|
Issued Ordinary Capital* |
: |
$86,357,365.56 SINGAPORE,
DOLLARS, NO. OF SHARE : 4,057,338 |
|
Issued Preference Capital |
: |
NA |
|
Paid-Up Ordinary Capital |
: |
$86,357,365.56 SINGAPORE,
DOLLARS |
|
Paid-Up Preference
Capital |
: |
NA |
|
* Number of Shares
includes number of Issued Treasury Shares |
||
|
Issued Treasury Capital |
: |
NA |
|
Paid-Up Treasury Capital |
: |
NA |
|
No. of Local Subsidiaries |
: |
2 |
|
No. of Local Associates |
: |
NA |
|
Auditor |
: |
ERNST & YOUNG LLP |
|
Bankers / Financiers |
: |
NA |
|
Turnover |
: |
SGD - SIN 34,625,797.00
(FY2010) |
|
Net Worth |
: |
SGD - SIN 22,354,331.00
(FY2010) |
|
No. of Bank Charges |
: |
NA |
|
No. of Litigation Suits |
: |
1 |
|
S1000 / SME 500 / FG50
Ranking |
: |
|
|
Compounded Annual Growth
Rate (CAGR) |
: |
10.03% (4
years) |
Credit Recommendation
|
Recommended Credit Line |
: |
S$1,000,000 |
SHAREHOLDER DETAILS
|
: |
MCCORMICK SWITZERLAND GMBH |
|
|
SHAREHOLDER ID |
: |
T10UF3511A |
|
NATIONALITY |
: |
NA |
|
ADDRESS |
: |
9 STEINACKERSTRASSE, KUSNACHT SWITZERLAND 8700 |
|
NO. OF ORD SHARES |
: |
2,144,000 |
|
% OF SHAREHOLDING |
: |
52.8% |
|
CURRENCY |
: |
SINGAPORE, DOLLARS |
|
|
||
|
NAME |
: |
MCCORMICK GLOBAL INGREDIENTS LIMITED |
|
SHAREHOLDER ID |
: |
T11UF3645G |
|
NATIONALITY |
: |
CAYMAN ISLANDS |
|
ADDRESS |
: |
CALEDONIAN HOUSE THIRD FLOOR, 69 DR.ROY'S ROAD GEORGETOWN, GRAND
CAYMAN |
|
NO. OF ORD SHARES |
: |
1,913,338 |
|
% OF SHAREHOLDING |
: |
47.2% |
|
CURRENCY |
: |
SINGAPORE, DOLLARS |
OFFICER DETAILS
|
: |
LAWRENCE
ERIK KURZIUS |
|
|
ADDRESS |
: |
4985
MORVEN ROAD JACKSONVILLE, FL 32210 FLORIDA, U.S.A |
|
POSITION |
: |
DIRECTOR |
|
DATE OF APPT |
: |
15/05/2010 |
|
NATIONALITY |
: |
AMERICAN |
|
I/C PASSPORT |
: |
452047487 |
|
|
||
|
NAME |
: |
TIMOTHY
JOHN LARGE |
|
ADDRESS |
: |
70 DALGETTY
RD., BEAUMARIS, VICTORIA, 3193, AUSTRALIA |
|
POSITION |
: |
DIRECTOR |
|
DATE OF APPT |
: |
25/03/2009 |
|
NATIONALITY |
: |
AUSTRALIAN |
|
I/C PASSPORT |
: |
E3047097 |
|
|
||
|
NAME |
: |
RUSSELL
EVES |
|
ADDRESS |
: |
2/53
BAY ROAD SANDRINGHAM VICTORIA 3191, AUSTRALIA |
|
POSITION |
: |
DIRECTOR MANAGING
DIRECTOR |
|
DATE OF APPT |
: |
01/09/2004 01/09/2004 |
|
NATIONALITY |
: |
AUSTRALIAN |
|
I/C PASSPORT |
: |
E4041638 |
|
|
||
|
NAME |
: |
LEE
HWEI FONG |
|
ADDRESS |
: |
18C HOLLAND
DRIVE #16-435 SINGAPORE 274018 |
|
POSITION |
: |
SECRETARY DIRECTOR |
|
DATE OF APPT |
: |
13/07/1984 01/09/1995 |
|
NATIONALITY |
: |
SINGAPORE
CITIZEN |
|
I/C PASSPORT |
: |
S2553329A |
KEY PERSONNEL PROFILE
|
RUSSELL EVES |
|
|
NRIC Number: |
E4041638 |
|
Available Address: |
2/53 BAY ROAD SANDRINGHAM
VICTORIA 3191, AUSTRALIA |
Current Business Interest
|
No. |
Name |
Position |
Appt Date |
#of Share |
% |
|
MCCORMICK INGREDIENTS SOUTHEAST
ASIA PRIVATE LIMITED |
DIRECTOR |
01/09/2004 |
- |
- |
|
|
2 |
MCCORMICK INGREDIENTS
SOUTHEAST ASIA PRIVATE LIMITED |
MANAGING DIRECTOR |
01/09/2004 |
- |
- |
Previous Business
|
No. |
Name |
Status |
Position |
Appt Date |
Last Known Inactive
Date |
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||
Bankruptcy Record
|
Case
No. |
Year |
Date
of Filing |
Petitioner
Name |
Amount |
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|
Litigation Search – Writ of Summons
|
Court |
Case No. |
Year |
Date
of Filing |
Amount |
Cause
Category |
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SUBSIDIARIES AND ASSOCIATE
COMPANIES
|
Company |
Shareholdings (%) |
|
|
|
|
NA (SOLE-PROPRIETOR) |
|
|
BOTANICUS SPICES |
NA (SOLE-PROPRIETOR) |
BANKERS/
FINANCIERS
|
Subject enjoys a normal
banking routine with its bankers. To date, there are no bank charges
registered against Subject by its bankers. |
LITIGATION
The
following litigation suits were traced against Subject. Case status is as per
available database. For the latest status of the suit, please obtain the full
details of the suit through Litigation Detail Search (DLIT) offered.
To date, there have been 1 litigation
suits filed against Subject.
The details are as follows:
|
Court |
: |
District
Court |
|
|
|
Case
No. |
: |
138 |
|
|
Date
of Filing |
: |
12/01/1994 |
|
|
Amount
|
: |
0.00 |
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|
Cause |
: |
NA |
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|
Case
Status |
: |
NA |
|
|
Plaintiff |
: |
WONG
KIEW LEONG |
|
|
Last
Update Date |
: |
03/10/1997 |
COMPLIANCE RECORDS
|
Date of Last AGM |
: |
|
|
Date of Last AR |
: |
11/05/2011 |
|
Date of A/C Laid At Last AGM |
: |
30/11/2010 |
FINANCIAL HIGHLIGHTS
|
Financial Figures |
||||||
|
|
NOV 2010 |
% Change |
NOV 2009 |
NOV 2008 |
NOV 2007 |
NOV 2006 |
|
Currency |
SGD - SIN |
|
SGD - SIN |
SGD - SIN |
SGD - SIN |
SGD - SIN |
|
Profit and Loss Key Figures |
|
|
|
|
|
|
|
34,625,797 |
16.21 |
29,797,109 |
34,170,985 |
30,448,897 |
23,623,539 |
|
|
Profit/(Loss) Before Tax |
5,293,112 |
-21.96 |
6,782,414 |
6,132,462 |
4,239,291 |
3,638,149 |
|
Profit After Tax attributable to
Shareholders |
3,969,130 |
-29.74 |
5,649,222 |
5,044,941 |
3,487,696 |
2,920,909 |
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|
|
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|
Balance Sheet Key Figures |
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Total Assets |
62,937,069 |
184.45 |
22,125,828 |
16,204,476 |
15,831,420 |
13,990,709 |
|
Current Assets |
14,092,625 |
-34.31 |
21,453,366 |
15,507,698 |
15,208,551 |
13,315,560 |
|
Non Current Assets |
48,844,444 |
7,163.52 |
672,462 |
696,778 |
622,869 |
675,149 |
|
|
|
|
|
|
|
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|
Total Liabilities |
40,582,738 |
984.92 |
3,740,627 |
3,468,497 |
3,140,382 |
2,787,367 |
|
Current Liabilities |
40,457,687 |
981.58 |
3,740,627 |
3,468,497 |
3,140,382 |
2,787,367 |
|
Non Current Liabilities |
125,051 |
NA |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
|
Shareholders' Funds |
22,354,331 |
21.59 |
18,385,201 |
12,735,979 |
12,691,038 |
11,203,342 |
|
Share Capital |
4,533,167 |
0.00 |
4,533,167 |
4,533,167 |
4,533,167 |
4,533,167 |
|
Total Reserves |
17,821,164 |
28.65 |
13,852,034 |
8,202,812 |
8,157,871 |
6,670,175 |
|
|
|
|
|
|
|
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FINANCIAL RATIOS
|
|
|||||
|
|
NOV
2010 |
NOV
2009 |
NOV
2008 |
NOV
2007 |
NOV
2006 |
|
Growth % |
|
|
|
|
|
|
16.21 |
-12.80 |
12.22 |
28.89 |
NA |
|
|
|
|
|
|
|
|
|
Profitability |
|
|
|
|
|
|
Profit Margin (%) |
11.46 |
18.96 |
14.76 |
11.45 |
12.36 |
|
Return on Equity (%) |
17.76 |
30.73 |
39.61 |
27.48 |
26.07 |
|
Return on Assets (%) |
6.31 |
25.53 |
31.13 |
22.03 |
20.88 |
|
|
|
|
|
|
|
|
Leverage |
|
|
|
|
|
|
Total Debt/Equity (Times) |
1.82 |
0.20 |
0.27 |
0.25 |
0.25 |
|
Current Debt/Equity (Times) |
1.81 |
0.20 |
0.27 |
0.25 |
0.25 |
|
Long Term Debt To Equity (Times) |
0.01 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Total Asset To Total Equity (Times) |
2.82 |
1.20 |
1.27 |
1.25 |
1.25 |
|
|
|
|
|
|
|
|
Asset Management |
|
|
|
|
|
|
Total Assets Turnover (Times) |
0.55 |
1.35 |
2.11 |
1.92 |
1.69 |
|
Fixed Assets Turnover (Times) |
0.71 |
44.31 |
49.04 |
48.88 |
34.99 |
|
|
|
|
|
|
|
|
Liquidity |
|
|
|
|
|
|
Current Ratio (Times) |
0.35 |
5.74 |
4.47 |
4.84 |
4.78 |
|
|
|
|
|
|
|
FINANCIAL
COMMENTARY
Compound Annual Growth Rate
The company's CAGR is 10.03% (4 years).
CAGR is the year-over-year growth rate of a company over a specified
period. Instead of looking at the average growth rate, CAGR allow users to look
at the annualized growth rate of a company over a given period, a more
indicative measure of growth of a company’s performance over a given period.
Profitability
The company yielded a rate of
net profit on sales of 11.46 per cent in FY10 (FY09: 18.96 per cent). The
company is now able to book in SGD - SIN 0.11 of profit for every SGD - SIN of
sales in FY10, as compared with SGD - SIN 0.19 a year ago.
Liquidity
Current ratio stood at 0.35 times in FY10 (FY09:
5.74 times). This means that the company has SGD - SIN 0.35 of current assets
for every SGD - SIN of current liability incurred.
A minimum figure of 1.0 would be considered the lowest limit that this
figure should reach. Any business that has a current ratio near 1.0 may be
heading for liquidity problems, and would need to be closely monitored. A
figure greater than 2.0 would be more desirable, to act as a buffer against any
short-term liquidity problems, and give creditors/bank managers a degree of comfort
when granting credit/finance.
Leverage
Total debt-to-equity ratio
notched 1.82 times in FY10, compared with 0.20 times in FY09. This means that
the company requires additional external financing of SGD - SIN 1.82 for every
SGD - SIN injected into its operations.
Generally, a total debt-to-equity ratio of less than 0.5
times is preferred. The ratio measures the proportion of the company's reliance
on external debt for financing, relative to the shareholder's fund. A lower
ratio would imply a greater financial safety and operating freedom for the
company.
Efficiency Ratio
Return on equity was 17.76 per cent for Subject in the current financial
period, as compared to 30.73 per cent a year ago. The return on equity measures
the return earned on the owner's investment.
Generally, the higher this return, the better off the owner.
Return on assets stood at 6.31 per cent (FY09: 25.53 per cent). The
return on asset measures the overall effectiveness of management in generating
profit with its available assets.
Total assets turnover ratio logged at 0.55 times in FY10 (FY09: 1.35
times). This ratio measures the company's ability to make productive use of its
total assets to generate sales which reflects the efficiency of the management
in utilising its resources.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.89 |
|
UK Pound |
1 |
Rs.82.71 |
|
Euro |
1 |
Rs.69.15 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.