MIRA
INFORM REPORT
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Report Date : |
26.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
AIR LIQUIDE WELDING FRANCE |
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Registered Office : |
75 Quai D'orsay 75007 Paris (Paris) |
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Country : |
France |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
01.01.1955 |
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Com. Reg. No.: |
55B03382 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacture of soldering machines |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
150 000 E |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
AIR LIQUIDE WELDING FRANCE
Address (Head office)
75 Quai d'Orsay 75007 PARIS (PARIS)
Telephone : 01 40 62 55 55 - Fax : 01 34 21 31 30
summary
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Legal form |
5599 - Public limited company - board of directors |
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Registration date |
01 january 1955 |
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Share capital |
10 988 thousand Euros |
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RC Number |
55B03382 |
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Activity |
294D - Manufacture of soldering machines |
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Staff |
640 |
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Number of branches |
17 |
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Trading category |
Direct owner-operator |
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Banks |
CL AG ENTREPRISES 95 PONTOISE, BNP - SG - NATEXIS 75 PARIS |
MAIN DIRECTORS
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Chairman of the Board of Directors |
PONT Eugene |
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born on 28/06/1950 in CAUDERAN (33) |
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General manager |
GAUDOUX Didier |
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born on 04/02/1958 in STRASBOURG (67) |
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General manager |
PONT Eugene |
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born on 28/06/1950 in CAUDERAN (33) |
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Delegated General Manager |
BUFFAT Bernard Louis |
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born on 30/12/1958 in BERGERAC (24) |
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Administrator |
MISSSIAEN Guy Eugene Cornil |
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born on 17/05/1952 in MASTAING (59) |
Auditorship
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Substitute auditor |
MAZARS & GUERARD |
SHAREHOLDERS &
STAKES
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Registered shareholder(s) |
1 |
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420 046 088 - AIR LIQUIDE WELDING ALW SA => 100,00% |
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Registered stake(s) |
6 |
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431 969 187 - ASSISTANCE INSTALLATIONS SERVICE AIS => 100,00% |
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626 220 057 - SAFMATIC => 99,99% |
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300 774 361 - PITISI ELECTRIC MECA => 90,00% |
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REVIEW OF BODACC
INCIDENTS
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30/09/2006 |
modification of registered capital |
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27/08/2006 |
modification of the representatives |
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27/08/2006 |
modification of registered capital |
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27/08/2006 |
modification of the denomination |
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29/07/2005 |
modification of the representatives |
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FINANCIAL DETAILS |
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31/12/2003 |
31/12/2004 |
31/12/2005 |
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over 12 months |
over 12 months |
over 12 months |
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KE |
% |
KE |
% |
KE |
% |
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Turnover |
122 065 |
-6,46 |
132 886 |
8,86 |
145 861 |
9,76 |
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Export turnover |
0 |
NC |
52 506 |
NC |
63 024 |
20,03 |
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Earnings before tax |
-10 917 |
NC |
976 |
NC |
-1 867 |
NC |
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Net income |
-13 255 |
NC |
360 |
NC |
-4 936 |
NC |
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Equity |
62 627 |
62 980 |
57 779 |
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Total debts |
86 339 |
100 064 |
120 155 |
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Working capital |
18 082 |
31 677 |
24 896 |
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Supplier credit |
21 502 |
10 785 |
30 069 |
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Total purchase |
106 212 |
115 945 |
135 371 |
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RATIOS |
31/12/2003 |
31/12/2004 |
31/12/2005 |
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Turnover growth (%) |
-6,46 |
8,86 |
9,76 |
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Total assets turnover (Number) |
0,74 |
0,8 |
0,8 |
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Net income (T.O. %) |
-10,86 |
0,27 |
-3,38 |
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Cash flow (T.O. %) |
-0,05 |
-0,07 |
-0,86 |
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Supplier credit (Purch. days excl. of tax) |
60,94 |
28 |
66,86 |
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Accounts receivables (T.O. days) |
99,04 |
101,17 |
112,39 |
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Interest expenses / EBIT (%) |
-18,25 |
-13,93 |
-13,59 |
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Wages (%) |
29,03 |
27,26 |
23,41 |
The 2005 turnover of 145 861 thousand Euros (over a period of 12 months) denotes an increase of 9,76 % compared to the previous financial year.
From it can be drawn a net income of -4 936 thousand Euros.
The total of the balance sheet of 183 424 thousand Euros is composed of up to 63,08 % of the fixed assets and up to 36,63 % of the circulating assets.
The turnover of 0,80 assets is neither rising nor falling relative to the financial year.
With financial independence of 31,50 % the company has global liabilities amounting to 120 155 thousand Euros, with financial debts representing 42,37 % of all liabilities.
They generate financial costs of up to -13,59 % of the EBITDA (Earning Before Interest, Taxes, Depreciation & Amortisation).
The self-financing capacity is of -1 257 thousand Euros, i.e. -0,86 % of the turnover.
Auditor's opinion
approved without reservations or observations for the financial year ending 31/12/2005
LEGAL PROCEEDINGS
None
DEVELOPMENT OF
COMMERCIAL RISK
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february 2007 |
Average risk |
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august 2006 |
Average risk |
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february 2006 |
Average risk |
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august 2005 |
Average risk |
OPINION
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SEREFAC guarantee |
Yes |
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Financial structure |
balanced |
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Cash |
fragile |
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Profitability |
nil |
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Commitments |
respected |
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Payments |
regular |
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Defaults |
none |
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Subject history |
normal |
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Credit limit |
150 000 E |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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