MIRA INFORM REPORT

 

 

Report Date :

23rd June 2006

 

IDENTIFICATION DETAILS

 

Name :

CENTRALE DES EPICES ASSAISONNEMENTS ET CONDIMENTS

 

 

Registered Office :

Parc D'activites de Gemenos 25 Avenue De Coulin 13420 Gemenos  (Bouches-Du-Rhone)

 

 

Country :

France

 

 

Financials (as on) :

31/12/2002

 

 

Date of Incorporation :

01 January 1962

 

 

Com. Reg. No.:

62B00558

 

 

Legal Form :

Limited company

 

 

Line of Business :

Manufacturers of condiments and seasonings

 

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 :

Good 

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

NAME

 

CENTRALE DES EPICES ASSAISONNEMENTS ET CONDIMENTS

Acronym : CEPASCO

RCS  062 805 585  - NIC  00023

 

 

Address (Head office)

 

Parc D'activites de Gemenos 25 Avenue De Coulin 13420 GEMENOS  (BOUCHES-DU-RHONE)

Telephone :  04 42 32 23 23 –

Fax : 04 42 32 23 87

 

 

SUMMERY

 

Legal form

5499 - Limited company

Registration date

01 January 1962

Share capital

300 thousand Euros

RC Number

62B00558

Activity

158R - Manufacturing of condiments and seasonings

Staff

67

Number of branches

1

Trading category

Direct owner-operator

Banks

BNP SLB BCCM CHAIX 13 MARSEILLE, Bonnasse Lyonnaise de banque - BP CA

 

 

MAIN DIRECTORS

 

Joint manager

DEBELLE Frederique Marguerite Marie née ESPIG

 

born on 22/08/1953 in  ALGER ALGERIE

Joint manager

DAL PRA Jacques

 

born on 07/12/1956 in  PONTARLIER (25)

 

 

Auditorship

 

Titular auditor

COMIDEX

Titular auditor

FIDUCIAL AUDIT

Substitute auditor

SAREX

 

 

SHAREHOLDERS & STAKES

 

Registered shareholder(s)

14

 

DPY670758 - MME DALPRA ANNE-MARIE   =>   25,00%

 

DPY670763 - MMECAYLUS MICHELLE   =>   24,00%

 

DPY670759 - MR MARTINEZ JEAN-PIERRE   =>   22,00%

 

Registered stake(s)

None

 

 

REVIEW OF BODACC INCIDENTS

 

03/09/2004

transfer of auditor

04/04/2003

modification of the representatives

14/12/2001

modification of the representatives

07/09/2000

modification of registered capital

28/08/1999

modification of registered capital

 

 

FINANCIAL DETAILS

 

 

31/12/2002

31/12/2003

31/12/2004

 

over 12 months

over 12 months

over 12 months

 

KE

%

KE

%

KE

%

Turnover

12 273

9,16

12 135

-1,13

12 637

4,14

Export turnover

586

24,69

575

-1,86

564

-1,87

Earnings before tax

570

-15,40

440

-22,86

677

53,84

Net income

317

26,99

348

9,57

410

17,84

 

Equity

2 431

2 420

2 487

Total debts

2 764

2 733

2 384

Working capital

2 423

2 433

2 374

Supplier credit

1 361

1 196

1 192

Total purchase

8 465

8 180

7 987

 

RATIOS

31/12/2002

31/12/2003

31/12/2004

MEDIAN

Turnover growth (%)

9,16

-1,13

4,14

0,83

Total assets turnover (Number)

2,36

2,3

2,57

1,87

Net income (T.O. %)

2,59

2,87

3,24

1,27

Cash flow (T.O. %)

4,95

3,96

5,49

3,90

Supplier credit (Purch. days excl. of tax)

48,39

44,03

44,91

54,34

Accounts receivables (T.O. days)

45,59

52,11

40,61

44,65

Interest expenses / EBIT (%)

9,51

11,70

7,96

7,96

Wages (%)

24,43

25,64

26,40

16,91

 

The 2004 turnover of 12 637 thousand Euros (over a period of 12 months) denotes an increase of 4,14 % compared to the previous financial year, superior to the average growth in the sector (0,83 %).

From it can be drawn a net income of 410 thousand Euros rising by 17,84 % during the period concerned.

The total of the balance sheet of 4 921 thousand Euros is composed of up to 12,06 % of the fixed assets and up to 86,80 % of the circulating assets.

The turnover of 2,57 assets is rising relative to the financial year; this turnover is above the average of 1,87.

With financial independence of 50,54 % the company has global liabilities amounting to 2 384 thousand Euros, with financial debts representing 8,76 % of all liabilities.

They generate financial costs of up to 7,96 % of the EBITDA (Earning Before Interest, Taxes, Depreciation & Amortisation), compared to a sector-based average of 7,96 %.

The self-financing capacity is of 693 thousand Euros, i.e. 5,49 % of the turnover for an average of 3,90 %.

 

 

KEY FIGURES

 

Up to 31/12/2005

Turnover

15 000 KE

Net income

550 KE

 

 

Auditor's opinion

 

Approved without reservations or observations for the financial year ending 31/12/2004

 

 

LEGAL PROCEEDINGS

 

 

None

 

 

DEVELOPMENT OF COMMERCIAL RISK

 

june 2006

No or almost no risk

december 2005

No or almost no risk

june 2005

No or almost no risk

december 2004

No or almost no risk

 

 

OPINION

 

Last update

01 june 2006

SEREFAC guarantee

Yes

 

Financial structure

good

Cash

good

Profitability

very good

Commitments

respected

Payments

regular

Defaults

none

Subject history

favourable

 

Credit limit

150 000 E

Rating

E 18 **

**E : Company shares owned by individuals

 

 

 

 

 

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/normal.

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

 

 

 

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