MIRA INFORM REPORT
|
Report Date : |
17.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
KERRY INGREDIENTS (M) SDN. BHD. |
|
|
|
|
Formerly Known As : |
SDF - SCAN DAIRY & FOOD SDN.BHD |
|
|
|
|
Registered Office : |
Suite 1301, 13th Floor, City Plaza, Jalan Tebrau, Johor Bahru, Johor Darul Takzim, Zip/postal code 80300 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 (Group) |
|
|
|
|
Date of Incorporation : |
13.01.1992 |
|
|
|
|
Com. Reg. No.: |
232329-K |
|
|
|
|
Legal Form : |
Private Company Limited By
Shares |
|
|
|
|
Line of Business : |
Manufacturing and sales of food ingredient products |
|
|
|
|
No. of Employees : |
500 employees (Subject); 24,045
employees (Kerry Group) |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Verified Address
Subject name : KERRY INGREDIENTS (M) SDN. BHD.
Business address : No. 8, Jalan Hasil 2
Tampoi
Town : Johor Bahru
Province : Johor Darul Takzim
Zip/postal code : 81200
Country :
Tel : +60 7 2332800
Fax : +60 7 2332900
Website : www.kerryasia.com
Registered address :
Town : Johor Bahru
Province : Johor Darul Takzim
Zip/postal code : 80300
Country :
Executive Summary
Date founded or registered : 13/01/1992
Legal form : Private Company
Limited By Shares
Chief executive : Sree Dahran
Issued & paid up capital
: MYR 29,300,000
Sales turnover : MYR 553,941,121 (Non-consolidated 12
months, 31/12/2010)
Net income : MYR 72,322,775
(Non-consolidated 12 months, 31/12/2010)
Total fixed assets : MYR 373,932,836
(Non-consolidated 12 months, 31/12/2010)
Line of business : Manufacturing and sales
of food ingredient products.
Staff employed : 500 employees (Subject);
24,045 employees (Kerry Group)
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is progressing
Management experience : Management is adequately experienced
Financial performance : Financial performance is good
Organization structure : Organizational structure is
consistent
Detrimental : No detrimental records found
Payment history : No
payment delays noted
Comments :
Larger credit can still be considered. The Subject is well positioned in the market and the financial stability of the group is positive.
Registry Data
Registration date : 13/01/1992
Legal form : Private Company Limited By
Shares
Registration no 232329-K
Registered authority : Companies Commission of
Registry status : Live/Active
Previous name : The Subject was established under
the name SDF - SCAN DAIRY & FOOD SDN.
BHD. and changed to the current style on 05-01-1999.
Change of legal form : None reported.
Key Management
Name : Sree Dahran
Designation : General Manager
Name : Tan Peh Lim
Designation : Plant Manager
Appointments
Name : Yong May Li
Designation : Director and Company Secretary
Identification no : 560419-01-5064
Appointment date : 26/01/00
Address : No. 25, Jalan Setia 5/2
81100
Johor Bahru
Johor Darul
Takzim
Name : Irene Juay Yee Luan
Designation : Director and Company Secretary
Identification no : 750430-01-7260
Appointment date : 02/04/10
Address : No. 17 Jalan Indah 18/2
81200
Johor Bahru
Johor
Darul Takzim
Name : Brian Cornelius Mehigan
Designation : Director
Identification no : LA0010437
Appointment date : 01/04/10
Address :
Biography :
Brian Mehigan joined Kerry Group in 1989, having worked in
practice for six years previously. He held a number of finance positions within
Kerry between 1989 and 2002. He has served as Chief Financial Officer and as an
executive Director on Kerry Group plc’s Board for ten years, having been
appointed on 25 February 2002. He is a Fellow of the
Name : Claire Salmon
Designation : Director
Identification no : LB0058825
Appointment date : 28/07/08
Address :
Name : Mark Justin McCormack
Designation : Director
Identification no : LS0011885
Appointment date : 21/01/98
Address :
Staff employed : 500 employees (Subject); 24,045
employees (Kerry Group)
Key Advisors
Auditors : DELOITTE & TOUCHE
Level 19,
Uptown 11
Jalan
SS21/58
Damansara
47400
Petaling Jaya
Selangor
Darul Ehsan
Composition
Authorized Capital : MYR 50,000,000
No of shares : 50,000,000 Ordinary Shares
Share par value : MYR 1
Issued capital : MYR 29,300,000
Paid up capital : MYR
29,300,000
How listed : Full List
Composition
Shareholder name : KERRY GROUP B.V.
Address : Veluwezoom 62
1327 AH
Almere
The
No. of shares : 29,300,000 Ordinary Shares
% of shares : 100%
Structure
Name : KERRY
GROUP PLC
Affiliation type : Ultimate Holding Company
Address : Prince’s Street
Comments
:
Kerry
Group is a major international food corporation. The Group is a world leader in
ingredients and flavour technologies serving the food, beverage and
pharmaceutical industries and is also a leading consumer foods processor and
supplier in selected EU markets.
Kerry
Group is listed on the Irish and London Stock Exchanges. Kerry has 150
manufacturing facilities across five continents and provides over 15,000 food
and ingredient products via its network of international sales and technical
centres to a wide customer base in 140 countries.
Name
: KERRY GROUP
B.V.
Affiliation type : Parent Company
Address : Veluwezoom
62
1327 AH Almere
The
Comments : Investment holding Company.
Name : ESTEROL
SDN. BHD.
Affiliation type : Sister Company
Address :
Kawasan Perindustrian
Bukit Raja Selatan
Seksyen 7, 40000 Shah
Alam
Selangor Darul Ehsan
Name : KERRY
INGREDIENTS AUSTRALIA PTY. LIMITED
Affiliation type : Sister Company
Address :
Name : KERRY
INGREDIENTS (NZ) LIMITED
Affiliation type : Sister Company
Address :
Otahuhu,
Name : KERRY
INGREDIENTS (
Affiliation type : Sister Company
Address : No 618, Moo 4, Bangpoo Industrial Estate
Praksa Sub District,
Muang District
Name : KERRY
INGREDIENTS (S) PTE LIMITED
Affiliation type : Sister Company
Address :
#27-01
Name : KERRY
FOOD INGREDIENTS (
Affiliation type : Sister Company
Address : GF/SFB#1, Mactan Economic Zone 1
Name : KERRY
FOOD INGREDIENTS (
Affiliation type : Sister Company
Address :
Name
: KERRY
INGREDIENTS (
Affiliation type : Sister Company
Address : Carr. Panamericana
Salamanca Km 11.2
36660 Irapuato, Guanajuato
Mexico
Related companies
and corporate affiliations
comments
Other companies of the Kerry Group should
be considered affiliates of the Subject.
Bank Details
Name of bank : CIMB Bank Berhad
Address : Malaysia
Account details : Current Account
Name of bank : ABN Amro Bank Berhad
Address : Malaysia
Account details : Current Account
Comments :
It is generally not the
policy of local banks to provide credit status information to non related
parties, however interested parties would be advised to consult first with the
Subject if banker's references are required.
Mortgages
Total of Charge: 8,500,000.00
Date of Creation: 26-08-1992
Name of Chargee: ABN AMRO
BANK BERHAD
Charge Status: FULLY
SATISFIED
Total of Charge: 8,500,000.00
Date of Creation: 26-08-1992
Name of Chargee: BANK OF
COMMERCE M BERHAD
Charge Status: FULLY
SATISFIED
Total of Charge: 8,500,000.00
Date of Creation: 26-08-1992
Name of Chargee: MALAYSIAN
FRENCH BANK BERHAD
Charge Status: FULLY SATISFIED
Total of Charge: 8,500,000.00
Date of Creation: 26-08-1992
Name of Chargee: ABN AMRO
BANK BERHAD
Charge Status: FULLY
SATISFIED
Total of Charge: 3,165,620.00
Date of Creation: 09-07-1993
Name of Chargee: ABN AMRO
BANK BERHAD
Charge Status: FULLY SATISFIED
Total of Charge: 2,033,380.00
Date of Creation: 09-07-1993
Name of Chargee: 1. BANK OF
COMMERCE M BERHAD
Charge Status: FULLY
SATISFIED
Total of Charge: 1,000,000.00
Date of Creation: 26-04-1994
Name of Chargee: MALAYSIAN
FRENCH BANK BERHAD
Charge Status: FULLY
SATISFIED
Total of Charge: 1,500,000.00
Date of Creation: 26-04-1994
Name of Chargee: BANK OF
COMMERCE M BERHAD
Charge Status: FULLY
SATISFIED
Total of Charge: 1,000,000.00
Date of Creation: 26-04-1994
Name of Chargee: ABN AMRO
BANK BERHAD
Charge Status: FULLY
SATISFIED
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : None reported.
Description
Source of financial statement
: Commercial Registry Filings
Financial statement date : 31/12/10
Type of accounts : Full audited
Currency : Malaysia,
Ringgit (MYR)
Exchange rate : 1 USD = MYR 3.12 as of
16-05-2012
Summarized
Financial Information
Consolidation type : Non
Consolidated Non
Consolidated Group Consolidated
Currency : Malaysia,
Ringgit (MYR) Malaysia, Ringgit
(MYR) Euro (EUR)
Denomination : (x1)
One (x1)
One (x1) One
Date of financial year end : 31/12/10
31/12/09
31/12/11
Length of accounts :
12 months
12 months 12 months
Sale turnover / Income : 553,941,121 457,327,090 5,302,200,000
Profit before tax : 74,334,403 83,643,176 433,400,000
Net income : 72,322,775 80,458,148 360,700,000
Non current assets : 209,407,645 156,084,341
3,616,800,000
Current assets : 164,525,191 125,998,760 1,613,200,000
Inventories : 658,500,000
Total assets : 373,932,836 282,083,101 5,230,000,000
Current liabilities : 137,170,380 80,013,837 1,246,000,000
Non current liabilities : 13,661,793 11,291,376 2,138,700,000
Total liabilities : 150,832,173 91,305,213 3,384,700,000
Share equity : 223,100,663 190,777,888 1,845,300,000
Retained earning : 193,800,663 161,477,888 1,519,000,000
Comments :
The non-consolidated
financial information above relates to the Subject only.
The above group's
consolidated figures relates to the Subject's Ultimate Holding company Kerry
Group PLC and it's subsidiaries.
Main activities :
The Subject engages in
manufacturing and sales of food ingredient products.
The Subject is a wholly owned
subsidiary of Kerry Group PLC.
Kerry Group PLC , together
with its subsidiaries, develops, manufactures, and delivers technology based
ingredients, flavors, and integrated solutions for the food, beverage, and
pharmaceutical industries worldwide. It operates in two segments, ingredients
& flavors and consumer foods.
The ingredients & flavours segment manufactures and
distributes application specific ingredients and flavors, such as savory
ingredients, sweet ingredients, food coating systems, nutritional systems, and
specialty protein applications
The consumer foods segment manufactures and supplies added value
brands and customer branded foods to the Irish and the United Kingdom. This
segment supplies its own brands and private label products, such as dairy
spread and cheese products; meats and savory products; and chilled and frozen
ready meals to retailers primarily under the Wall’s, Mattessons, Richmond,
Pure, Denny, Galtee, Roscrea, Shaws, Ballyfree, Cheestrings, Charleville,
Mitchelstown, LowLow, and Dairygold brand names.
The company operates in Europe, the Middle East, Africa, the
Americas, and the Asia-Pacific. Kerry Group plc was founded in 1972 and is
headquartered in Tralee, Ireland.
Product &
services :
· Lipid powders
· Cheese & dairy powders
· Snack seasonings
· Batters and coatings
Purchases
Local : Yes
International : Worldwide
Sales
Local : Yes
International : Worldwide
Property &
Assets
Premises : The Subject operates from premises
located at the verified heading address consisting of
production facilities, warehouse and administrative office.
Branches : In addition, the Subject operates from
production facilities located at:
5496,
Lorong Mak Mandin 5
Kawasan
Perindustrian Mak Mandin
13400
Butterworth
Pulau
Pinang
Malaysia
Tel: +60 4
3240500
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Central Bank of Malaysia
Reserve of foreign exchange & gold : US$135.9 billion as of 30 April 2012
Gross domestic product - GDP : US$ 247.781 billion
GPP (Purchasing power parity) : 442.01 billion of International dollars
GDP per capita - current prices : US$ 8,624
GDP - composition by sector : agriculture: 9.4% industry: 40.9% services: 49.7%
Inflation 2008: 5.4%
2009: 0.6%
2010: 1.7%
Unemployment 2008 : 3.3 %
2009 : 3.6 %
2010: 3.3 %
Public debt
(General Government gross
debt as a % GDP) 2008:
42.8 %
2009: 55.4 %
2010: 54.2%
Government bond
ratings Standard
& Poor's: A-/Stable/A-2
Moody's rating: A3
Moody's outlook: STA
Market value of publicly traded shares US$ 420 billion
Largest
companies in the country : CIMB Group Holdings (Banking), Sime
Darby (Conglomerates), Public Bank (Banking), Maybank (Banking), Tenaga
Nasional(Utilities), Petronas Chemicals, Maxis Berhad
Trade & Competitiveness Overview
Total exports US$210.3
billion
Exports commodities electronic equipment,
petroleum and liquefied natural gas, wood and
wood products, palm oil, rubber, textiles,
chemicals
Total imports US$156.2
billion
Imports commodities electronics,
machinery, petroleum products, plastics, vehicles, iron and
steel products, chemicals
Export - major
partners US
15.6%, Singapore 14.6%, Japan 9.1%, China 8.8%, Thailand 5%,
HongKong 4.6%
Import - major
partners Japan
13%, China 12.9%, Singapore 11.5%, US 10.8%, Taiwan 5.7%,
Thailand 5.3%, South Korea 4.9%, Germany 4.6%,
Indonesia 4.2%
FDI Inflows 2007:
US$8,538 million
2008: US$7,318 million
2009: US$1,381 million
FDI Outflows 2007:
US$11,280 million
2008: US$14,988 million
2009: US$8,038 million
Best countries for
doing business 21 out of 183
countries
Global
competitiveness ranking 26
(ranking by country on a basis of 133, the first is the best)
Country and Population Overview
Total population :
28.23 million
Total area :
329,847 km2
Capital : Kuala Lumpur
Currency : Malaysia Ringgits (MYR)
Internet
users as % of total population : 57.61%
Purchase Term
Local : Prepayment, Bank
transfer, D/P, Credit up to 120 days
International : L/C, Telegraphic transfer, D/P,
Credit up to 120 days
Sales Term
Local : Prepayment, Bank transfer,
D/P, Credit up to 120 days
International : L/C, Telegraphic transfer, D/P,
Credit up to 120 days
Trade Reference/
Payment Behaviour
Comments : As local and international
trade references were not supplied, the Subject's payment
track
record history cannot be appropriately determined but based on our research,
payments are believed to be met without delay.
Investigation Note
Sources : Interviews and material
provided by the Subject
Official
and local business sources
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
UK Pound |
1 |
Rs.86.61 |
|
Euro |
1 |
Rs.68.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.