MIRA INFORM REPORT

 

 

Report Date :

15.03.2007

 

IDENTIFICATION DETAILS

 

Name :

CREATIONS RIVERS

 

 

Registered Office :

Parc Activ St Martin Touch 6 Avenue Saint Granier BP 3100 31026 Toulouse Cedex 3  (Haute-Garonne)

 

 

Country :

France

 

 

Financials (as on) :

31.08.2005

 

 

Date of Incorporation :

01 January 1975

 

 

Com. Reg. No.:

75B00475

 

 

Legal Form :

Public Limited Company

 

 

Line of Business :

Manufacture of outerwear for men of all ages

 

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Maximum Credit Limit :

30 000 E

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

name

 

CREATIONS RIVERS

 

 

Trading name

 

LIBERTO

 

 

Address (Head office)

 

Parc Activ St Martin Touch 6 Avenue Saint Granier BP 3100 31026 TOULOUSE CEDEX 3  (HAUTE-GARONNE)

Telephone :  05 34 50 79 00

 

 

summary

 

Legal form

5599 - Public limited company - board of directors

Registration date

01 january 1975

Share capital

13 110 thousand Euros

RC Number

75B00475

Activity

182D - Manufacture of outerwear for men of all ages

Staff

70

Number of branches

8

Trading category

Direct owner-operator

Banks

CL AG CAF ENT 31 TOULOUSE BECM AG ENT 75 PARIS - BNP

 

 

MAIN DIRECTORS

 

Chairman of the Board of Directors

METZGER Antoine Marie Francois Etienne

 

born on 30/01/1954 in  BOURGES (18)

General manager

CABARROT Olivier Claude Etienne

 

born on 10/10/1965 in  TOULOUSE (31)

Administrator

SA CREEKS  

 

represented by NOIR Jean Michel

Administrator

FINANCIERE AGORA  

 

represented by NOUVION Christian Marie Benoit Felix

Administrator

VIVARTE  

 

represented by LE MONIES DE SAGAZAN Benoit Alain

 

 

Auditorship

 

Titular auditor

DELOITTE & ASSOCIES 

Substitute auditor

STE BEAS 

 

 

 

 

SHAREHOLDERS & STAKES

 

Registered shareholder(s)

1

 

777 328 808 - FINANCIERE AGORA   =>   99,99%

 

Registered stake(s)

None

 

 

REVIEW OF BODACC INCIDENTS

 

02/09/2006

Business purchase

04/08/2006

Business acquired via transfer

04/08/2006

Business acquired via transfer

28/06/2006

modification of registered capital

28/06/2006

modification of the representatives

 

 

FINANCIAL DETAILS

 

 

31/08/2003

31/08/2004

31/08/2005

 

over 12 months

over 12 months

over 12 months

 

KE

%

KE

%

KE

%

Turnover

20 733

-17,74

21 986

6,05

23 893

8,67

Export turnover

2 539

61,19

1 733

-31,74

2 589

49,37

Earnings before tax

-1 598

NC

-702

NC

-279

NC

Net income

-2 192

NC

-1 802

NC

-554

NC

 

 Equity

147

-1 716

15 684

Total debts

18 814

22 593

11 234

Working capital

8 592

10 058

9 705

Supplier credit

5 039

5 485

6 384

Total purchase

17 480

18 366

18 903

 

 RATIOS

31/08/2003

31/08/2004

31/08/2005

MEDIAN

Turnover growth (%)

-17,74

6,05

8,67

2,63

Total assets turnover (Number)

1,07

1,01

0,87

1,38

Net income (T.O. %)

-10,57

-8,20

-2,32

5,20

Cash flow (T.O. %)

1,02

-1,45

2,34

6,12

Supplier credit (Purch. days excl. of tax)

86,77

89,89

101,66

54,13

Accounts receivables (T.O. days)

145,14

149,59

133,93

60,69

Interest expenses / EBIT (%)

-26,81

-34,18

364,59

4,23

Wages (%)

21,67

22,12

22,35

12,38

 

 The 2005 turnover of 23 893 thousand Euros (over a period of 12 months) denotes an increase of 8,67 % compared to the previous financial year, superior to the average growth in the sector (2,63 %).

From it can be drawn a net income of -554 thousand Euros.

The total of the balance sheet of 27 527 thousand Euros is composed of up to 25,39 % of the fixed assets and up to 72,55 % of the circulating assets.

The turnover of 0,87 assets is falling relative to the financial year; this turnover is below the average of 1,38.

With financial independence of 56,98 % the company has global liabilities amounting to 11 234 thousand Euros, with financial debts representing 1,74 % of all liabilities.

They generate financial costs of up to 364,59 % of the EBITDA (Earning Before Interest, Taxes, Depreciation & Amortisation), compared to a sector-based average of 4,23 %.

The self-financing capacity is of 559 thousand Euros, i.e. 2,34 % of the turnover for an average of 6,12 %.

 

 

KEY FIGURES

 

Up to 31/08/2006

Turnover

20 000 KE

Net income

-1 500 KE

 

 

Auditor's opinion

 

Approved without reservations or observations for the financial year ending 31/08/2005

 

 

LEGAL PROCEEDINGS

 

None

 

 

DEVELOPMENT OF COMMERCIAL RISK

 

march 2007

High risk

september 2006

High risk

march 2006

Average risk

september 2005

Average risk

 

 

OPINION

 

 SEREFAC guarantee

No

 

Cash

mediocre

Profitability

nil

Commitments

fulfilled to date

Payments

to be followed up

Defaults

none

Subject history

needs certain reserve

 

Credit limit

30 000 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

 

 

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