MIRA
INFORM REPORT
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Report Date : |
24.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
SOCIETE ERIC |
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Registered Office : |
1 Rue De Chateaudun 75009 Paris (Paris) |
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Country : |
France |
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Financials (as on) : |
31.01.2006 |
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Date of Incorporation : |
12.04.1984 |
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Com. Reg. No.: |
84B05165 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Wholesale of other household good |
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 : |
70 000 E |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
name
SOCIETE ERIC (former branch)
Trading name
TACHE DIAMONDS
Address (Head office)
1 Rue de Chateaudun 75009 PARIS (PARIS)
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summary |
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Legal form |
5599 - Public limited company - board of directors |
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Registration
date |
12 april 1984 |
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Share capital |
174 thousand Euros |
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RC Number |
84B05165 |
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Activity |
514S - Wholesale of other household good |
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Staff |
9 |
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Number of
branches |
1 |
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Trading category |
Direct owner-operator |
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MAIN DIRECTORS |
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Chairman of the Board of Directors |
TACHE Joseph |
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born on 02/06/1939 in BEIROET BELGIQUE |
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General manager |
TACHE Joseph |
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born on 02/06/1939 in BEIROET BELGIQUE |
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Delegated General Manager |
TACHE Robert |
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born on 03/02/1955 in BEYROUTH LIBAN |
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Administrator |
TACHE Robert |
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born on 03/02/1955 in BEYROUTH LIBAN |
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Administrator |
TACHE Jacques |
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born on 16/06/1968 in WILRIJK BELGIQUE |
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Auditorship |
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Titular auditor |
YOUNG Vincent |
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Substitute auditor |
CABINET COMPAGNIE D'AUDIT SAINT HONORE CAS |
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REVIEW OF BODACC
INCIDENTS |
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18/08/2005 |
modification of the head office address |
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18/08/2005 |
modification of the commercial name |
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02/07/2004 |
modification of the representatives |
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17/03/2004 |
modification of the representatives |
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21/12/2000 |
modification of the representatives |
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FINANCIAL DETAILS |
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31/01/2004 |
31/01/2005 |
31/01/2006 |
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over 13 months |
over 12 months |
over 12 months |
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KE |
% |
KE |
% |
KE |
% |
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Turnover |
5 322 |
-44,64 |
6 897 |
40,40 |
6 636 |
-3,79 |
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Export turnover |
2 751 |
-55,77 |
4 814 |
89,55 |
4 463 |
-7,30 |
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Earnings before tax |
-1 |
NC |
-141 |
NC |
-87 |
NC |
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Net income |
6 |
-91,95 |
-115 |
NC |
-158 |
NC |
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Equity |
1 472 |
1 357 |
1 199 |
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Total debts |
1 716 |
1 636 |
2 040 |
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Working capital |
1 523 |
1 365 |
1 065 |
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Supplier credit |
1 155 |
1 439 |
1 818 |
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Total purchase |
3 899 |
6 544 |
6 392 |
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RATIOS |
31/01/2004 |
31/01/2005 |
31/01/2006 |
MEDIAN |
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Turnover growth (%) |
-44,64 |
40,40 |
-3,79 |
4,01 |
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Total assets turnover (Number) |
1,54 |
2,3 |
2,05 |
2,03 |
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Net income (T.O. %) |
0,12 |
-1,66 |
-2,38 |
1,83 |
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Cash flow (T.O. %) |
-3,50 |
-1,78 |
-3,38 |
2,99 |
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Supplier credit (Purch. days excl. of tax) |
96,62 |
66,2 |
85,61 |
63,96 |
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Accounts receivables (T.O. days) |
98,93 |
69,85 |
58,29 |
56,21 |
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Interest expenses / EBIT (%) |
-21,62 |
-2,62 |
-1,46 |
6,15 |
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Wages (%) |
10,28 |
9,05 |
10,19 |
12,99 |
The 2006 turnover
of 6 636 thousand Euros (over a period of 12 months) denotes a decrease of -3,79
% compared to the previous financial year, inferior to the average growth in
the sector (4,01 %).
From it can be drawn a net income of -158 thousand Euros.
The total of the balance sheet of 3 240 thousand Euros is composed of up
to 5,09 % of the fixed assets and up to 94,15 % of the circulating assets.
The turnover of 2,05 assets is falling relative to the financial year;
this turnover is equal to the average of 2,03.
With financial independence of 37,02 % the company has global
liabilities amounting to 2 040 thousand Euros, with financial debts
representing 0,96 % of all liabilities.
They generate financial costs of up to -1,46 % of the EBITDA (Earning
Before Interest, Taxes, Depreciation & Amortisation), compared to a
sector-based average of 6,15 %.
The self-financing capacity is of -224 thousand Euros, i.e. -3,38 % of
the turnover for an average of 2,99 %.
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Auditor's opinion |
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approved without reservations or observations for the financial year
ending 31/01/2006 |
LEGAL PROCEEDINGS
None
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DEVELOPMENT OF
COMMERCIAL RISK |
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march 2007 |
Average risk |
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september 2006 |
Average risk |
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march 2006 |
Average risk |
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september 2005 |
No or almost no risk |
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OPINION |
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SEREFAC guarantee |
Yes |
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Financial structure |
balanced |
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Cash |
Standard |
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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 |
favourable |
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Credit limit |
70 000 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%)