MIRA
INFORM REPORT
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Report Date : |
6th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
GRACE PRODUITS DE CONSTRUCTON SAS |
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Registered Office : |
Maisons Neuves 71580
Saillenard (Saone Et Loire) |
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Country : |
France |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
01.01.1968 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture of chemical products for industrial use. |
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 : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Company Name & Address
GRACE PRODUITS DE CONSTRUCTON SAS
Trading
name : GRACE PRODUITS DE CONSTRUCTION
Address
(Head office) : Maisons Neuves 71580
SAILLENARD (SAONE ET LOIRE)
Telephone :
03 85 76 45 00
Fax :
03 85 74 10 84
Summary
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Legal form |
5710 - Simplified joint-stock company |
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Registration date |
01 january 1968 |
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Share capital |
1 584 thousand Euros |
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RC Number |
2000B00032 |
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Activity |
246L - Manufacture of chemical products for
industrial use |
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Staff |
120 |
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Number of branches |
3 |
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Trading category |
Direct owner-operator |
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Banks |
SG 39 LONS LE SAULNIER - BRA - LB - BNP |
MAIN DIRECTORS
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Chairman |
BLOND Gerard |
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born on 06/03/1954 in ST ANDRE (59) |
Auditorship
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Titular
auditor |
BEFEC PRICE WATERHOUSE |
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Substitute
auditor |
NICOLAS Yves |
SHAREHOLDERS & STAKES
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Registered shareholder(s) |
1 |
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414 781 641 - WR GRACE SA => 100,00% |
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Registered stake(s) |
1 |
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E13810637 - PIERI SUISSE
=> 100,00% |
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REVIEW OF BODACC INCIDENTS
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27/06/2006 |
modification of the representatives |
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01/01/2005 |
modification of the denomination |
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01/01/2005 |
modification of the commercial name |
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28/09/2004 |
modification of the representatives |
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27/03/2002 |
modification of the representatives |
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 |
29 691 |
6,86 |
31 727 |
6,86 |
33 435 |
5,38 |
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Export
turnover |
9 131 |
NC |
9 223 |
1,00 |
10 155 |
10,10 |
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Earnings
before tax |
2 387 |
32,06 |
3 311 |
38,75 |
2 263 |
-31,67 |
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Net
income |
1 159 |
27,15 |
1 579 |
36,24 |
1 108 |
-29,81 |
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Equity |
7 620 |
8 003 |
7 428 |
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Total
debts |
9 443 |
9 089 |
9 459 |
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Working
capital |
4 830 |
6 151 |
5 491 |
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Supplier
credit |
3 720 |
4 363 |
5 103 |
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Total
purchase |
18 491 |
20 283 |
22 546 |
RATIOS
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31/12/2003 |
31/12/2004 |
31/12/2005 |
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Turnover
growth (%) |
6,86 |
6,86 |
5,38 |
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Total
assets turnover (Number) |
1,69 |
1,74 |
1,82 |
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Net
income (T.O. %) |
3,90 |
4,98 |
3,31 |
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Cash
flow (T.O. %) |
9,10 |
11,40 |
8,56 |
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Supplier
credit (Purch. days excl. of tax) |
60,56 |
64,75 |
68,13 |
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Accounts
receivables (T.O. days) |
89,79 |
83,63 |
84,35 |
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Interest
expenses / EBIT (%) |
4,35 |
2,93 |
2,00 |
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Wages
(%) |
23,63 |
22,31 |
22,68 |
The
2005 turnover of 33 435 thousand Euros (over a period of 12 months) denotes an
increase of 5,38 % compared to the previous financial year.
From
it can be drawn a net income of 1 108 thousand Euros falling by -29,81 % during
the period concerned.
The
total of the balance sheet of 18 335 thousand Euros is composed of up to 21,87
% of the fixed assets and up to 77,52 % of the circulating assets.
The
turnover of 1,82 assets is neither rising nor falling relative to the financial
year.
With
financial independence of 40,51 % the company has global liabilities amounting
to 9 459 thousand Euros, with financial debts representing 6,64 % of all
liabilities.
They
generate financial costs of up to 2,00 % of the EBITDA (Earning Before
Interest, Taxes, Depreciation & Amortisation).
The
self-financing capacity is of 2 861 thousand Euros, i.e. 8,56 % of the
turnover.
Auditor's opinion
Approved without reservations or
observations for the financial year ending 31/12/2005
LEGAL PROCEEDINGS
None
GENERAL PRIORITY CLAIMS
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Social
security |
No inscription |
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Tax
arrears |
No inscription |
DEVELOPMENT OF COMMERCIAL RISK
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march 2007 |
No or almost no risk |
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september 2006 |
No or almost no risk |
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march 2006 |
No or almost no risk |
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september 2005 |
No or almost no risk |
OPINION
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Last update |
19 january 2007 |
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SEREFAC guarantee |
Yes |
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Financial structure |
good |
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Cash |
Standard |
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Profitability |
good |
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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%)