MIRA INFORM REPORT

 

 

Report Date :

3rd November 2006

 

IDENTIFICATION DETAILS

 

Name :

3 SUISSES FRANCE

 

 

Registered Office :

4 Place de la Republique BP 75 59170 CROIX  (NORD)

 

 

Country :

France

 

 

Financials (as on) :

31/12/2004

 

 

Date of Incorporation :

01 January 1955

 

 

Legal Form :

Limited partnership

 

 

Line of Business :

Engaged in retail sale via mail order houses

 

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 :

Usually Correct

 

 

Litigation :

Clear

 

 

Name

 

RCS  475 581 591  - NIC  02088

3 SUISSES FRANCE

 

 

Trading name

 

VPC VAD CATALOGUE FEMME MODE TEXTILE HABILLEMENT MAISON HABITATION LINGERIE VETEMENT JOUET SPORT LINGE DE MAISON FEMININ

 

 

Address (Head office)

 

4 Place de la Republique BP 75 59170 CROIX  (NORD)

Telephone :  03 20 20 30 30 –

Fax : 03 20 20 30 50

 

 

 

summery

 

Legal form

5306 - Limited partnership

Registration date

01 January 1955

Share capital

4 015 thousand Euros

RC Number

55B00159

Activity

526A - Retail sale via mail order houses

Staff

3 700

Number of branches

100

Trading category

Direct owner-operator

Banks

BNP - CDN - CL 59 ROUBAIX - CL 59 LILLE

 

 

MAIN DIRECTORS

 

Manager with no partnership links

BOUCKAERT Jean-Marie 

 

born on 13/01/1953 in  MOUSCRON BELGIQUE

Sleeping partner

3 SUISSES INTERNATIONAL  

Sleeping partner

VAD HOLDING  

 

 

Auditorship

 

Titular auditor

CABINET BRACQ ET ASSOCIES STE D'EXPERTISE COMPTABLE 

Titular auditor

KPMG SA 

Titular auditor

CABINET BRACQ ET ASSOCIES STE D'EXPERTISE COMPTABLE ET COM 

Titular auditor

ACEA 

 

 

SHAREHOLDERS & STAKES

 

Registered shareholder(s)

2

 

411 129 257 - VAD HOLDING   =>   89,99%

 

408 536 928 - 3 S F PARTICIPATIONS   =>   10,01%

 

Registered stake(s)

6

 

309 495 299 - COGEDAC   =>   100,00%

 

389 655 978 - 3 SUISSES VOYAGES   =>   99,80%

 

349 807 388 - 3S ASSURANCES   =>   90,00%

 

 

REVIEW OF BODACC INCIDENTS

 

30/11/2005

Modification of the representatives

27/10/2005

Transfer of auditor

24/06/2004

Transfer of auditor

02/02/2004

Modification of activity

29/08/2001

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

918 124

-5,02

912 693

-0,59

914 949

0,25

Export turnover

92 563

-4,86

89 206

-3,63

94 541

5,98

Earnings before tax

6 709

NC

7 474

11,40

2 550

-65,89

Net income

5 819

NC

3 242

-44,28

429

-86,78

 

 Equity

39 142

36 904

35 473

Total debts

237 844

242 887

237 386

Working capital

52 570

55 729

49 178

Supplier credit

116 529

125 396

114 812

Total purchase

756 540

790 364

793 052

 

 RATIOS

31/12/2002

31/12/2003

31/12/2004

MEDIAN

Turnover growth (%)

-5,02

-0,59

0,25

3,27

Total assets turnover (Number)

2,98

2,91

3,05

2,4

Net income (T.O. %)

0,63

0,36

0,05

4,66

Cash flow (T.O. %)

5,42

3,14

1,69

7,39

Supplier credit (Purch. days excl. of tax)

46,36

47,76

43,58

39,16

Accounts receivables (T.O. days)

24,42

25,58

25,56

38,71

Interest expenses / EBIT (%)

44,67

-470,81

-79,18

0,02

Wages (%)

12,79

13,34

12,65

10,73

 

 The 2004 turnover of 914 949 thousand Euros (over a period of 12 months) denotes an increase of 0,25 % compared to the previous financial year, inferior to the average growth in the sector (3,27 %).

From it can be drawn a net income of 429 thousand Euros falling by -86,78 % during the period concerned.

The total of the balance sheet of 300 318 thousand Euros is composed of up to 9,74 % of the fixed assets and up to 80,21 % of the circulating assets.

The turnover of 3,05 assets is neither rising nor falling relative to the financial year; this turnover is above the average of 2,40.

With financial independence of 11,81 % the company has global liabilities amounting to 237 386 thousand Euros, with financial debts representing 16,64 % of all liabilities.

They generate financial costs of up to -79,18 % of the EBITDA (Earning Before Interest, Taxes, Depreciation & Amortisation), compared to a sector-based average of 0,02 %.

The self-financing capacity is of 15 480 thousand Euros, i.e. 1,69 % of the turnover for an average of 7,39 %.

 

Auditor's opinion

 

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

 

 

LEGAL PROCEEDINGS

 

 

None

 

 

DEVELOPMENT OF COMMERCIAL RISK

 

November 2006

Average risk

May 2006

Average risk

November 2005

Average risk

May 2005

Average risk

 

 

OPINION

 

 Last update

02 November 2006

 SEREFAC guarantee

Yes

 

Financial structure

Balanced

Cash

Mediocre

Profitability

Mediocre

Commitments

Respected

Payments

Regular

Defaults

None

Subject history

Normal

 

Credit limit

150 000 E

 

 

 

 

 

 

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

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