|
Report No. : |
311892 |
|
Report Date : |
14.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
MCCORMICK INGREDIENTS SOUTHEAST ASIA PRIVATE
LIMITED |
|
|
|
|
Formerly Known As : |
BOTANICUS PRIVATE LIMITED (02/04/1992) |
|
|
|
|
Registered Office : |
4, Enterprise Road, 629816 |
|
|
|
|
Country : |
Singapore |
|
|
|
|
Financials (as on) : |
30.11.2013 |
|
|
|
|
Date of Incorporation : |
06.10.1970 |
|
|
|
|
Com. Reg. No.: |
197000904-G |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturing of Spices |
|
|
|
|
No. of Employee : |
60 |
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 : |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SINGAPORE - ECONOMIC OVERVIEW
Singapore has a highly developed and successful free-market
economy. It enjoys a remarkably open and corruption-free environment, stable
prices, and a per capita GDP higher than that of most developed countries. The
economy depends heavily on exports, particularly in consumer electronics,
information technology products, pharmaceuticals, and on a growing financial
services sector. The economy contracted 0.6% in 2009 as a result of the global
financial crisis, but rebounded 15.1% in 2010, on the strength of renewed
exports, before slowing to in 2011-13, largely a result of soft demand for
exports during the second European recession. Over the longer term, the
government hopes to establish a new growth path that focuses on raising
productivity. Singapore has attracted major investments in pharmaceuticals and
medical technology production and will continue efforts to establish Singapore
as Southeast Asia's financial and high-tech hub.
|
Source
: CIA |
|
REGISTRATION NO. |
: |
197000904-G |
|
COMPANY NAME |
: |
MCCORMICK INGREDIENTS SOUTHEAST ASIA PRIVATE LIMITED |
|
FORMER NAME |
: |
BOTANICUS PRIVATE LIMITED (02/04/1992) |
|
INCORPORATION DATE |
: |
06/10/1970 |
|
COMPANY STATUS |
: |
EXIST |
|
LEGAL FORM |
: |
PRIVATE LIMITED |
|
LISTED STATUS |
: |
NO |
|
REGISTERED ADDRESS |
: |
4, ENTERPRISE ROAD, 629816, SINGAPORE. |
|
BUSINESS ADDRESS |
: |
4 ENTERPRISE ROAD,JURONG, 629816, SINGAPORE. |
|
TEL.NO. |
: |
65-62653433 |
|
FAX.NO. |
: |
65-62653378 |
|
WEB SITE |
: |
WWW.MCCORMICK.COM |
|
CONTACT PERSON |
: |
RUSSELL EVES ( MANAGING DIRECTOR ) |
|
PRINCIPAL ACTIVITY |
: |
MANUFACTURING OF SPICES |
|
ISSUED AND PAID UP CAPITAL |
: |
5,668,449.00 ORDINARY SHARE, OF A VALUE OF SGD 157,836,993.84 |
|
SALES |
: |
SGD 38,466,719 [2013] |
|
NET WORTH |
: |
SGD 191,796,702 [2013] |
|
BANKER (S) |
DBS BANK LTD |
|
|
STAFF STRENGTH |
: |
60 [2015] |
|
LITIGATION |
: |
CLEAR |
|
FINANCIAL CONDITION |
: |
LIMITED |
|
PAYMENT |
: |
GOOD |
|
MANAGEMENT CAPABILITY |
: |
AVERAGE |
|
COMMERCIAL RISK |
: |
LOW |
|
CURRENCY EXPOSURE |
: |
MODERATE |
|
GENERAL REPUTATION |
: |
GOOD |
|
INDUSTRY OUTLOOK |
: |
MATURE |
The Subject is a private limited company and is allowed to have a minimum
of one and a maximum of forty-nine shareholders. As a private limited company,
the Subject must have at least two directors. A private limited company is a
separate legal entity from its shareholders. As a separate legal entity, the
Subject is capable of owning assets, entering into contracts, sue or be sued by
other companies. The liabilities of the shareholders are to the extent of the
equity they have taken up and the creditors cannot claim on shareholders'
personal assets even if the Subject is insolvent. The Subject is governed by
the Companies Act and the company must file its annual returns, together with
its financial statements with the Registrar of Companies.
The Subject is principally engaged in the (as a / as an) manufacturing
of spices.
The immediate holding company of the Subject is MCCORMICK SWITZERLAND
GMBH, a company incorporated in SWITZERLAND.
The ultimate holding company of the Subject is MCCORMICK & CO. INC.,
a company incorporated in UNITED STATES.
Share Capital History
|
Date |
Issue & Paid Up Capital |
|
12/03/2015 |
SGD 157,836,993.84 |
The major shareholder(s) of the Subject are shown as follows :
|
Name |
Address |
IC/PP/Loc No |
Shareholding |
(%) |
|
MCCORMICK SWITZERLAND GMBH |
9, STEINACKERSTRASSE, KUSNACHT, 8700, SWITZERLAND. |
T10UF3511A |
5,668,449.00 |
100.00 |
|
--------------- |
------ |
|||
|
5,668,449.00 |
100.00 |
|||
|
============ |
===== |
+ Also Director
The Subject's interest in other companies (Subsidiaries/Associates) are
shown as follow :
|
Local No |
Country |
Company |
(%) |
As At |
|
INDIA |
KOHINOOR SPECIALTY FOODS INDIA PVT. LTD. |
85.00 |
30/11/2013 |
|
|
CHINA |
MCCORMICK (WUHAN) FOOD CO,. LTD |
70.00 |
30/11/2013 |
|
DIRECTOR 1
|
Name Of Subject |
: |
KEITH EDWARD GIBBONS |
|
Address |
: |
51, HAZELDEN GROVE, LONDON, ONTARIO, N6H 5A1, CANADA. |
|
IC / PP No |
: |
GB728880 |
|
Nationality |
: |
CANADIAN |
|
Date of Appointment |
: |
15/04/2014 |
DIRECTOR 2
|
Name Of Subject |
: |
LEE HWEI FONG |
|
Address |
: |
18C, HOLLAND DRIVE, 16-435, 274018, SINGAPORE. |
|
IC / PP No |
: |
S2553329A |
|
Nationality |
: |
SINGAPOREAN |
|
Date of Appointment |
: |
01/09/1995 |
DIRECTOR 3
|
Name Of Subject |
: |
RUSSELL EVES |
|
Address |
: |
2/53, BAY ROAD SANDRINGHAM, VICTORIA, 3191, AUSTRALIA. |
|
IC / PP No |
: |
E4041638 |
|
Nationality |
: |
AUSTRALIAN |
|
Date of Appointment |
: |
01/09/2004 |
|
1) |
Name of Subject |
: |
RUSSELL EVES |
|
Position |
: |
MANAGING DIRECTOR |
|
Auditor |
: |
ERNST & YOUNG LLP |
|
Auditor' Address |
: |
N/A |
|
1) |
Company Secretary |
: |
LEE HWEI FONG |
|
IC / PP No |
: |
S2553329A |
|
|
Address |
: |
18C, HOLLAND DRIVE, 16-435, 274018, SINGAPORE. |
Banking relations are maintained principally with :
|
1) |
Name |
: |
DBS BANK LTD |
|
2) |
Name |
: |
MIZUHO CORPORATE BANK LTD |
No encumbrance was found in our databank at the time of investigation.
* A check has been conducted in our databank againt the Subject whether the
subject has been involved in any litigation.
No legal action was found in our databank.
No winding up petition was found in our databank.
|
SOURCES OF RAW MATERIALS: |
||
|
Local |
: |
YES |
|
Overseas |
: |
YES |
The Subject refused to provide any name of trade/service supplier and we are
unable to conduct any trade enquiry. However, from financial historical data we
conclude that :
|
OVERALL PAYMENT HABIT |
||||||||||||||
|
Prompt 0-30 Days |
[ |
] |
Good 31-60 Days |
[ |
X |
] |
Average 61-90 Days |
[ |
] |
|||||
|
Fair 91-120 Days |
[ |
] |
Poor >120 Days |
[ |
] |
|||||||||
|
Local |
: |
YES |
|||
|
Domestic Markets |
: |
SINGAPORE |
|||
|
Overseas |
: |
YES |
|||
|
Export Market |
: |
WORLDWIDE |
|||
|
Credit Term |
: |
30 - 90 DAYS |
|||
|
Payment Mode |
: |
CHEQUES |
|||
|
Products manufactured |
: |
|
|
|
Total Number of Employees: |
|||||||||
|
YEAR |
2015 |
2014 |
|||||||
|
GROUP |
N/A |
N/A |
|||||||
|
COMPANY |
60 |
30 |
|||||||
|
Branch |
: |
NO |
Other Information:
The Subject is principally engaged in the (as a / as an) manufacturing of
spices.
Subject engages in the following activities:
* mixing spices
* naturally sterilized spices, herbs, flavourings, batter and breader
coating for meats and vegetables, ingredients for processed meats
* mixing and blending of seasonings, dry marinades and coating
systems, inclusive of customized, made-to-order services
* provides r & d support for the above activities
products or services:
* food & beverage products
* food products
* spices
Latest fresh investigations carried out on the Subject indicated that :
|
Telephone Number Provided By Client |
: |
6562653433 |
|
Current Telephone Number |
: |
65-62653433 |
|
Match |
: |
YES |
|
Address Provided by Client |
: |
4 ENTERPRISES ROAD URONGI SINGAPORE 629816 |
|
Current Address |
: |
4 ENTERPRISE ROAD,JURONG, 629816, SINGAPORE. |
|
Match |
: |
YES |
Other Investigations
On 10th March 2015 we contacted one of the staff from the Subject and he
provided some information.
|
Profitability |
||||||
|
Turnover |
: |
Decreased |
[ |
2009 - 2013 |
] |
|
|
Profit/(Loss) Before Tax |
: |
Decreased |
[ |
2009 - 2013 |
] |
|
|
Return on Shareholder Funds |
: |
Unfavourable |
[ |
1.07% |
] |
|
|
Return on Net Assets |
: |
Unfavourable |
[ |
1.31% |
] |
|
|
The continuous fall in turnover could be due to the lower demand for
the Subject's products / services.The Subject's profit fell sharply because
of the high operating costs incurred. The unfavourable return on
shareholders' funds could indicate that the Subject was inefficient in
utilising its assets to generate returns. |
||||||
|
Working Capital Control |
||||||
|
Stock Ratio |
: |
Unfavourable |
[ |
88 Days |
] |
|
|
Debtor Ratio |
: |
Favourable |
[ |
26 Days |
] |
|
|
Creditors Ratio |
: |
Favourable |
[ |
27 Days |
] |
|
|
The Subject could be incurring higher holding cost. As its capital was
tied up in stocks, it could face liquidity problems. The favourable debtors' days
could be due to the good credit control measures implemented by the Subject.
The Subject had a favourable creditors' ratio where the Subject could be
taking advantage of the cash discounts and also wanting to maintain goodwill
with its creditors. |
||||||
|
Liquidity |
||||||
|
Liquid Ratio |
: |
Unfavourable |
[ |
0.33 Times |
] |
|
|
Current Ratio |
: |
Unfavourable |
[ |
0.81 Times |
] |
|
|
A low liquid ratio means that the Subject may be facing working capital
deficiency. If the Subject cannot obtain additional financing or injection of
fresh capital, it may face difficulties in meeting its short term
obligations. |
||||||
|
Solvency |
||||||
|
Interest Cover |
: |
Nil |
[ |
0.00 Times |
] |
|
|
Gearing Ratio |
: |
Favourable |
[ |
0.38 Times |
] |
|
|
The Subject's interest cover was nil as it did not pay any interest
during the year. The Subject was lowly geared thus it had a low financial risk.
The Subject was mainly financed by its shareholders' funds and internally
generated funds. In times of economic slowdown / downturn, the Subject being
a lowly geared company, will be able to compete better than those companies
which are highly geared in the same industry. |
||||||
|
Overall Assessment : |
||||||
|
The Subject's performance deteriorated over the years with lower
turnover and profit. Due to its weak liquidity position, the Subject will be faced
with problems in meeting all its short term obligations if no short term loan
is obtained or additional capital injected into the Subject. The Subject did
not make any interest payment during the year. The Subject was dependent on
its shareholders' funds to finance its business needs. The Subject as a lowly
geared company, will be more secured compared to those highly geared
companies. It has the ability to meet all its long term obligations. |
||||||
|
Overall financial condition of the Subject : LIMITED |
||||||
|
Major Economic Indicators : |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
|||||
|
Population (Million) |
4.98 |
5.08 |
5.18 |
5.31 |
5.40 |
|
Gross Domestic Products ( % ) |
(0.8) |
14.5 |
4.9 |
1.3 |
3.7 |
|
Consumer Price Index |
0.6 |
2.8 |
5.2 |
4.6 |
2.4 |
|
Total Imports (Million) |
356,299.3 |
423,221.8 |
459,655.1 |
474,554.0 |
466,762.0 |
|
Total Exports (Million) |
391,118.1 |
478,840.7 |
514,741.2 |
510,329.0 |
513,391.0 |
|
|
|||||
|
Unemployment Rate (%) |
3.2 |
2.2 |
2.1 |
2.0 |
1.9 |
|
Tourist Arrival (Million) |
9.68 |
11.64 |
13.17 |
14.49 |
15.46 |
|
Hotel Occupancy Rate (%) |
75.8 |
85.6 |
86.5 |
86.4 |
86.3 |
|
Cellular Phone Subscriber (Million) |
1.37 |
1.43 |
1.50 |
1.52 |
1.97 |
|
|
|||||
|
Registration of New Companies (No.) |
26,414 |
29,798 |
32,317 |
31,892 |
37,288 |
|
Registration of New Companies (%) |
4.3 |
12.8 |
8.5 |
(1.3) |
9.8 |
|
Liquidation of Companies (No.) |
22,393 |
15,126 |
19,005 |
17,218 |
17,369 |
|
Liquidation of Companies (%) |
113.4 |
(32.5) |
25.6 |
9.4 |
(5.3) |
|
|
|||||
|
Registration of New Businesses (No.) |
26,876 |
23,978 |
23,494 |
24,788 |
22,893 |
|
Registration of New Businesses (%) |
8.15 |
(10.78) |
2.02 |
5.51 |
1.70 |
|
Liquidation of Businesses (No.) |
23,552 |
24,211 |
23,005 |
22,489 |
22,598 |
|
Liquidation of Businesses (%) |
11.4 |
2.8 |
(5) |
(2.2) |
0.5 |
|
|
|||||
|
Bankruptcy Orders (No.) |
2,058 |
1,537 |
1,527 |
1,748 |
1,992 |
|
Bankruptcy Orders (%) |
(11.5) |
(25.3) |
(0.7) |
14.5 |
14.0 |
|
Bankruptcy Discharges (No.) |
3,056 |
2,252 |
1,391 |
1,881 |
2,584 |
|
Bankruptcy Discharges (%) |
103.7 |
(26.3) |
(38.2) |
35.2 |
37.4 |
|
|
|||||
|
INDUSTRIES ( % of Growth ) : |
|||||
|
Agriculture |
|||||
|
Production of Principal Crops |
3.25 |
(0.48) |
4.25 |
3.64 |
- |
|
Fish Supply & Wholesale |
(1.93) |
(10.5) |
12.10 |
(0.5) |
- |
|
|
|||||
|
Manufacturing * |
71.5 |
92.8 |
100.0 |
100.3 |
102.0 |
|
Food, Beverages & Tobacco |
90.4 |
96.4 |
100.0 |
103.5 |
103.5 |
|
Textiles |
145.9 |
122.1 |
100.0 |
104.0 |
87.1 |
|
Wearing Apparel |
211.0 |
123.3 |
100.0 |
92.1 |
77.8 |
|
Leather Products & Footwear |
79.5 |
81.8 |
100.0 |
98.6 |
109.8 |
|
Wood & Wood Products |
101.4 |
104.0 |
100.0 |
95.5 |
107.4 |
|
Paper & Paper Products |
95.4 |
106.1 |
100.0 |
97.4 |
103.2 |
|
Printing & Media |
100.9 |
103.5 |
100.0 |
93.0 |
86.1 |
|
Crude Oil Refineries |
96.4 |
95.6 |
100.0 |
99.4 |
93.5 |
|
Chemical & Chemical Products |
80.3 |
97.6 |
100.0 |
100.5 |
104.1 |
|
Pharmaceutical Products |
49.1 |
75.3 |
100.0 |
109.7 |
107.2 |
|
Rubber & Plastic Products |
101.2 |
112.3 |
100.0 |
96.5 |
92.9 |
|
Non-metallic Mineral |
91.9 |
92.5 |
100.0 |
98.2 |
97.6 |
|
Basic Metals |
92.6 |
102.2 |
100.0 |
90.6 |
76.5 |
|
Fabricated Metal Products |
90.8 |
103.6 |
100.0 |
104.3 |
105.1 |
|
Machinery & Equipment |
57.3 |
78.5 |
100.0 |
112.9 |
114.5 |
|
Electrical Machinery |
86.8 |
124.1 |
100.0 |
99.3 |
108.5 |
|
Electronic Components |
85.2 |
113.6 |
100.0 |
90.6 |
94.3 |
|
Transport Equipment |
96.0 |
94.0 |
100.0 |
106.3 |
107.5 |
|
|
|||||
|
Construction |
(36.9) |
14.20 |
20.50 |
28.70 |
- |
|
Real Estate |
1.4 |
21.3 |
25.4 |
31.9 |
- |
|
|
|||||
|
Services |
|||||
|
Electricity, Gas & Water |
1.70 |
4.00 |
7.00 |
6.30 |
- |
|
Transport, Storage & Communication |
3.90 |
12.80 |
7.40 |
5.30 |
- |
|
Finance & Insurance |
(16.4) |
(0.4) |
8.90 |
0.50 |
- |
|
Government Services |
4.50 |
9.70 |
6.90 |
6.00 |
- |
|
Education Services |
0.10 |
(0.9) |
(1.4) |
0.30 |
- |
|
|
|||||
|
* Based on Index of Industrial Production (2011 = 100) |
|||||
|
(Source : Department of Statistics) |
|
INDUSTRY : |
MANUFACTURING |
|
In the third quarter of 2014, manufacturing output has increased by
1.9%, extending the 1.5% growth in the previous quarter. Growth was largely driven
by the biomedical manufacturing and chemicals clusters. Besides, for the
whole 2013, the manufacturing sector grew by 1.7%, an uptick from the 0.3%
growth recorded in the previous year. All clusters recorded an expansion in
2013, except the biomedical manufacturing cluster. |
|
|
The chemicals cluster grew by 5.2% in the third quarter of 2014.
Growth was led by the petrochemicals and specialty chemicals segments, which
expanded by 8.9% and 7.1% respectively. By contrast, the petroleum segment
contracted by 4.2% in the third quarter of 2014 due to plant maintenance
shutdowns. For the year of 2013, the chemicals cluster grew only by 0.7%. |
|
|
Besides, output of the biomedical manufacturing cluster expanded by 9.0%
in the third quarter of 2014. The medical technology segment posted robust
growth of 23% due to higher production of medical instruments and supplies,
while the output of the pharmaceuticals segment rose by 6.2%. However, in the
whole of 2013, the biomedical manufacturing cluster recorded only a flat
growth. |
|
|
In the third quarter of 2014, the transport engineering cluster
contracted by 2.0%, dragged down by the aerospace segment. Output in the
aerospace segment plunged by 18% on the back of fewer repair jobs from
commercial airlines. This was mitigated by the 4.1% growth in the marine
& offshore engineering segment, which was supported by higher
contributions from rig building projects. Nonetheless, for the whole of 2013,
the transport engineering cluster grew by 5.2%. |
|
|
Moreover, output of the precision engineering cluster increased by
1.3% in the third quarter of 2014. The machinery & systems segment grew
by 6.2%, supported by higher demand for semiconductor-related equipment and
mechanical engineering work. This was partly offset by the decline in the
output of the precision modules & components segment. Conversely, in the
full year of 2013, the precision engineering cluster's output declined by
5.6%. |
|
|
Furthermore, in the third quarter of 2014, output of the general
manufacturing industries declined by 3.0%. The 2.1% growth in the food,
beverages & tobacco segment was more than offset by declines in the other
two segments. In particular, the miscellaneous industries segment contracted
by 4.7% on the back of lower output in construction-related products, such as
concrete & cement products and steel structural components. For the full
year of 2013, the general manufacturing cluster grew by 2.8%. |
|
|
Besides, in the third quarter of 2014, the electronics cluster
expanded by 0.9%, reversing the 5.0% contraction in the previous quarter.
Growth was supported by an expansion in the computer peripherals (6.3%) and
data storage (2.6%) segments. Moreover, for the year 2013, the electronics
cluster expanded by 3.5%. |
|
|
OVERALL INDUSTRY OUTLOOK : MATURE |
|
|
|
|
|
|
THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE
FINANCIAL REPORTING STANDARDS. |
|
MCCORMICK INGREDIENTS SOUTHEAST ASIA PRIVATE LIMITED |
|
Financial Year End |
2013-11-30 |
2012-11-30 |
2011-11-30 |
2010-11-30 |
2009-11-30 |
|
Months |
12 |
12 |
12 |
12 |
12 |
|
Consolidated Account |
Company |
Company |
Company |
Company |
Company |
|
Audited Account |
YES |
YES |
YES |
YES |
YES |
|
Unqualified Auditor's Report (Clean Opinion) |
YES |
YES |
YES |
YES |
YES |
|
Financial Type |
FULL |
FULL |
FULL |
SUMMARY |
SUMMARY |
|
Currency |
SGD |
SGD |
SGD |
SGD |
SGD |
|
TURNOVER |
38,466,719 |
38,696,624 |
40,135,876 |
34,625,797 |
29,797,109 |
|
Other Income |
832,821 |
500,074 |
- |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Total Turnover |
39,299,540 |
39,196,698 |
40,135,876 |
34,625,797 |
29,797,109 |
|
Costs of Goods Sold |
(25,607,902) |
(26,439,001) |
(26,448,085) |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
Gross Profit |
13,691,638 |
12,757,697 |
13,687,791 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) FROM OPERATIONS |
3,297,144 |
7,279,776 |
9,164,849 |
5,293,112 |
6,782,414 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) BEFORE TAXATION |
3,297,144 |
7,279,776 |
9,164,849 |
5,293,112 |
6,782,414 |
|
Taxation |
(1,239,696) |
(1,226,206) |
(1,137,323) |
(1,323,982) |
(1,133,192) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT/(LOSS) AFTER TAXATION |
2,057,448 |
6,053,570 |
8,027,526 |
3,969,130 |
5,649,222 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) BROUGHT FORWARD |
|||||
|
As previously reported |
31,902,260 |
25,848,690 |
- |
0 |
(5,649,222) |
|
Prior year adjustment |
- |
- |
17,821,164 |
(3,969,130) |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
As restated |
31,902,260 |
25,848,690 |
17,821,164 |
(3,969,130) |
(5,649,222) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
PROFIT AVAILABLE FOR APPROPRIATIONS |
33,959,708 |
31,902,260 |
25,848,690 |
- |
0 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
RETAINED PROFIT/(LOSS) CARRIED FORWARD |
33,959,708 |
31,902,260 |
25,848,690 |
- |
0 |
|
============= |
============= |
============= |
============= |
============= |
|
|
INTEREST EXPENSE (as per notes to P&L) |
|||||
|
Others |
- |
- |
229,988 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
- |
- |
229,988 |
- |
- |
|
|
============= |
============= |
|
MCCORMICK INGREDIENTS SOUTHEAST ASIA PRIVATE LIMITED |
|
ASSETS EMPLOYED: |
|||||
|
FIXED ASSETS |
2,312,768 |
1,742,835 |
1,876,112 |
48,844,444 |
672,462 |
|
LONG TERM INVESTMENTS/OTHER ASSETS |
|||||
|
Subsidiary companies |
206,108,732 |
80,950,893 |
80,950,919 |
- |
- |
|
Associated companies |
46,965,214 |
46,965,214 |
46,965,214 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS |
253,073,946 |
127,916,107 |
127,916,133 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM ASSETS |
255,386,714 |
129,658,942 |
129,792,245 |
48,844,444 |
672,462 |
|
Stocks |
9,284,720 |
9,305,888 |
18,664,669 |
- |
- |
|
Trade debtors |
2,762,854 |
2,268,623 |
3,964,522 |
- |
- |
|
Other debtors, deposits & prepayments |
59,854 |
127,945 |
187,249 |
- |
- |
|
Amount due from holding company |
42,745 |
60,116 |
40,335 |
- |
- |
|
Amount due from related companies |
2,400,735 |
1,899,824 |
2,605,898 |
- |
- |
|
Cash & bank balances |
1,078,625 |
750,375 |
442,989 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT ASSETS |
15,629,533 |
14,412,771 |
25,905,662 |
14,092,625 |
21,354,053 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL ASSET |
271,016,247 |
144,071,713 |
155,697,907 |
62,937,069 |
22,026,515 |
|
============= |
============= |
============= |
============= |
============= |
|
|
CURRENT LIABILITIES |
|||||
|
Trade creditors |
1,897,513 |
518,041 |
1,329,542 |
- |
- |
|
Other creditors & accruals |
1,957,681 |
1,633,898 |
1,361,646 |
- |
- |
|
Bank overdraft |
13,335,594 |
21,744,526 |
39,255,278 |
- |
- |
|
Amounts owing to holding company |
511,481 |
306,988 |
113,371 |
- |
- |
|
Amounts owing to related companies |
221,932 |
223,705 |
87,182 |
- |
- |
|
Provision for taxation |
1,256,135 |
1,207,174 |
1,118,308 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL CURRENT LIABILITIES |
19,180,336 |
25,634,332 |
43,265,327 |
40,457,687 |
3,641,314 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
NET CURRENT ASSETS/(LIABILITIES) |
(3,550,803) |
(11,221,561) |
(17,359,665) |
(26,365,062) |
17,712,739 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL NET ASSETS |
251,835,911 |
118,437,381 |
112,432,580 |
22,479,382 |
18,385,201 |
|
============= |
============= |
============= |
============= |
============= |
|
|
SHARE CAPITAL |
|||||
|
Ordinary share capital |
157,836,994 |
86,357,366 |
86,357,366 |
157,836,994 |
157,836,994 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL SHARE CAPITAL |
157,836,994 |
86,357,366 |
86,357,366 |
157,836,994 |
157,836,994 |
|
Retained profit/(loss) carried forward |
33,959,708 |
31,902,260 |
25,848,690 |
0 |
0 |
|
Others |
- |
- |
- |
(135,482,663) |
(139,451,793) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL RESERVES |
33,959,708 |
31,902,260 |
25,848,690 |
(135,482,663) |
(139,451,793) |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
SHAREHOLDERS' FUNDS/EQUITY |
191,796,702 |
118,259,626 |
112,206,056 |
22,354,331 |
18,385,201 |
|
Other long term borrowings |
59,851,305 |
- |
- |
- |
- |
|
Deferred taxation |
187,904 |
177,755 |
226,524 |
- |
- |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
TOTAL LONG TERM LIABILITIES |
60,039,209 |
177,755 |
226,524 |
125,051 |
0 |
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
251,835,911 |
118,437,381 |
112,432,580 |
22,479,382 |
18,385,201 |
|
|
============= |
============= |
============= |
============= |
============= |
|
|
MCCORMICK INGREDIENTS SOUTHEAST ASIA PRIVATE LIMITED |
|
TYPES OF FUNDS |
|||||
|
Cash |
1,078,625 |
750,375 |
442,989 |
- |
- |
|
Net Liquid Funds |
(12,256,969) |
(20,994,151) |
(38,812,289) |
- |
- |
|
Net Liquid Assets |
(12,835,523) |
(20,527,449) |
(36,024,334) |
(26,365,062) |
17,712,739 |
|
Net Current Assets/(Liabilities) |
(3,550,803) |
(11,221,561) |
(17,359,665) |
(26,365,062) |
17,712,739 |
|
Net Tangible Assets |
251,835,911 |
118,437,381 |
112,432,580 |
22,479,382 |
18,385,201 |
|
Net Monetary Assets |
(72,874,732) |
(20,705,204) |
(36,250,858) |
(26,490,113) |
17,712,739 |
|
BALANCE SHEET ITEMS |
|||||
|
Total Borrowings |
73,186,899 |
21,744,526 |
39,255,278 |
- |
- |
|
Total Liabilities |
79,219,545 |
25,812,087 |
43,491,851 |
40,582,738 |
3,641,314 |
|
Total Assets |
271,016,247 |
144,071,713 |
155,697,907 |
62,937,069 |
22,026,515 |
|
Net Assets |
251,835,911 |
118,437,381 |
112,432,580 |
22,479,382 |
18,385,201 |
|
Net Assets Backing |
191,796,702 |
118,259,626 |
112,206,056 |
22,354,331 |
18,385,201 |
|
Shareholders' Funds |
191,796,702 |
118,259,626 |
112,206,056 |
22,354,331 |
18,385,201 |
|
Total Share Capital |
157,836,994 |
86,357,366 |
86,357,366 |
157,836,994 |
157,836,994 |
|
Total Reserves |
33,959,708 |
31,902,260 |
25,848,690 |
(135,482,663) |
(139,451,793) |
|
LIQUIDITY (Times) |
|||||
|
Cash Ratio |
0.06 |
0.03 |
0.01 |
- |
- |
|
Liquid Ratio |
0.33 |
0.20 |
0.17 |
- |
- |
|
Current Ratio |
0.81 |
0.56 |
0.60 |
0.35 |
5.86 |
|
WORKING CAPITAL CONTROL (Days) |
|||||
|
Stock Ratio |
88 |
88 |
170 |
- |
- |
|
Debtors Ratio |
26 |
21 |
36 |
- |
- |
|
Creditors Ratio |
27 |
7 |
18 |
- |
- |
|
SOLVENCY RATIOS (Times) |
|||||
|
Gearing Ratio |
0.38 |
0.18 |
0.35 |
- |
- |
|
Liabilities Ratio |
0.41 |
0.22 |
0.39 |
1.82 |
0.20 |
|
Times Interest Earned Ratio |
0.00 |
0.00 |
40.85 |
- |
- |
|
Assets Backing Ratio |
1.60 |
1.37 |
1.30 |
0.14 |
0.12 |
|
PERFORMANCE RATIO (%) |
|||||
|
Operating Profit Margin |
8.57 |
18.81 |
22.83 |
15.29 |
22.76 |
|
Net Profit Margin |
5.35 |
15.64 |
20.00 |
11.46 |
18.96 |
|
Return On Net Assets |
1.31 |
6.15 |
8.36 |
23.55 |
36.89 |
|
Return On Capital Employed |
1.24 |
5.19 |
6.19 |
23.55 |
36.89 |
|
Return On Shareholders' Funds/Equity |
1.07 |
5.12 |
7.15 |
17.76 |
30.73 |
|
Dividend Pay Out Ratio (Times) |
0.00 |
0.00 |
0.00 |
- |
- |
|
NOTES TO ACCOUNTS |
|||||
|
Contingent Liabilities |
0 |
0 |
0 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.67 |
|
|
1 |
Rs.93.16 |
|
Euro |
1 |
Rs.66.42 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SDA |
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.