MIRA INFORM REPORT

 

 

Report Date :

11.01.2011

 

IDENTIFICATION DETAILS

 

Name :

MCCORMICK GLOBAL INGREDIENTS LTD

 

 

Registered Office :

PO Box 2249 Bank Of Bermuda Bldg, 2nd Floor Dr Roys Dr G T Grand Cayman KY1-1107

 

 

Country :

British Virgin Island

 

 

Year of Establishment :

2003

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Manufacturing Company

 

 

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

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

British Virgin Island

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

GEOPOLITICS - CAYMAN ISLANDS

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: British overseas territory - Parliamentary system


Economic Risk: Nil

Currency: 100 KYD = 121.95 USD

Branch Situation: Stable

 

IDENTIFICATION

 

Ordered as:

Mccormick Global Ingredients Ltd

Address in the order:

PO Box 2249, George Town,Grand Cayman, Cayman Island

 

 

Legal Name:

McCormick Global Ingredients Ltd

 

 

Legal Address

PO Box 2249 Bank Of Bermuda Bldg, 2nd Floor Dr Roys Dr G T Grand Cayman KY1-1107

 

 

Telephone:

(345) 814-4101 / 4104 / 4105

Registration Number :

95463

Fax:

(345) 946-5056

Legal Form:

Limited Company

Email:

N.A.

Registered in:

Cayman Islands

Website:

http://www.mccormick.com/

Date Created:

2003

Manager:

Alan D. Wilson - Chairman, President & CEO

Date Incorporated:

-

Staff:

7

Stock:

N.A.

 

 

Value:

N.A.

Activity:

Manufacturing Company

 

 

BANKS

 

Name of the Bank

Royal Bank of Canada

 

 

BUSINESS

 

PRINCIPAL ACTIVITY

 

Manufacturing company.

Products/Services description:

 

Manufacturer of spice, flavor & seasonings.

Sales are:

 

Wholesale

Operations area:

 

Local

The company does not import

The company does not export

The subject employs 7 employee(s)

PAYMENTS

 

made on a 30 days basis - monitored over the last 12 months

Comments on location:

 

The company used the above listed address as an office.

 

 

Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

Parent company:

 

McCormick & Company, Incorporated

18 Loveton Circle

Sparks, MD 21152-6000

U.S.A.

Tel: (410) 771-7301

Management:

 

Alan D. Wilson, Chairman / President and Chief Executive Officer

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

 

As a private company the subject does not publish any financial statements.

However our financial sources could provide us with the following data (estimates):

 

 

Currency

DATE

 

USD

2009

 

Turnover

1,100,000

 

Operating Income

400,000

 

Net Income

378,000

 

Net worth

11,000,000

 

Bank liabilities

0

 

The cash flow is

good

Currency

DATE

 

USD

2007

 

Turnover

350,000

 

Operating Income

5,800,000

 

Net Income

5,600,000

 

Net worth

9,000,000

 

Bank liabilities

0

 

The cash flow is

good

 

 

Legal Fillings

 The sources consulted record no detrimental legal or labor court information.

 

 

Rating

 

Local credit bureau gave a good credit rate.

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 

 

 Final Opinion

 

The company has 7 years of experience with no legal changes since its incorporation. They currently have the support of 7 employees for this reason it is considered a small sized company.  The profitability is very good, the indebtedness is nil, the cash is good, and the payments are regular.

 

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

VERY GOOD

Public

NO

Indebtedness

NIL

Payments

REGULAR

Cash

GOOD

 

 

 

 




APPENDIX

 

Person Interviewed

 

Phill Michael

Comments

 

Mr. Michael with whom we spoke refuses to provide any information without knowing the name of the client.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.37

UK Pound

1

Rs.70.38

Euro

1

Rs.58.93

 

 

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%)

 

 

 

 

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.