MIRA
INFORM REPORT
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Report Date : |
03.05.2007 |
IDENTIFICATION DETAILS
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Name : |
SOCIETE FILS ET CABLES SOFILEC |
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Registered Office : |
1 Rue du Perigord 69330 Meyzieu ( |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
03 November 1986 |
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Com. Reg. No.: |
86B02504 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacture of insulated wire and cable |
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
SOCIETE FILS ET CABLES SOFILEC
Trading name
SOFILEC
Address (Head office)
1 Rue du Perigord 69330 MEYZIEU (
Telephone
: 04 78 04 56 70
- Fax : 04 72 02 70 59
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summary |
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Legal form |
5599 - Public limited
company - board of directors |
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Registration
date |
03 november 1986 |
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Share
capital |
3 989 thousand
Euros |
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RC
Number |
86B02504 |
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Activity |
313Z - Manufacture of insulated
wire and cable |
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Staff |
152 |
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Number
of branches |
2 |
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Trading
category |
Direct owner-operator |
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Banks |
CA 69 MEYZIEU CL DECINES
CHARPIEU LB RILLEUX VILLAGE |
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MAIN DIRECTORS |
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Chairman
of the Board of Directors |
DARNIOT Gilles |
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born on 14/11/1953 |
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General
manager |
DARNIOT Gilles |
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born
on 14/11/1953 in BOURG EN BRESSE (01) |
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General
manager |
PIGUET
RUINET Henri |
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born
on 19/05/1959 in FONTAINES ST MARTIN (69) |
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represented by PIGUET
RUINET Henri |
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Delegated
General Manager |
BALSAT Didier Joseph
Fernand |
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born
on 19/12/1957 in THONON LES BAINS (73) |
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Administrator |
CAWICO |
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represented
by PIGUET RUINET Henri |
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Auditorship |
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Titular
auditor |
SARL EKYLIS |
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Substitute
auditor |
CHABANEL Bernard |
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SHAREHOLDERS &
STAKES |
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Registered
shareholder(s) |
3 |
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DPP730158 - MR PIGUET
RUINET HENRI => 33,33% |
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DPP730159 - MR DARNIOT
GILLES => 33,33% |
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DPP730161 - MR BRUNET
FRANCOIS => 33,33% |
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Registered
stake(s) |
None |
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REVIEW OF BODACC
INCIDENTS |
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28/01/2007 |
modification of the
representatives |
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28/01/2007 |
modification of
registered capital |
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28/01/2007 |
modification of the legal
status |
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26/10/2005 |
transfer of auditor |
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04/08/2005 |
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 |
6 632 |
-3,65 |
8 277 |
24,81 |
30 957 |
274,01 |
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Export turnover |
4 232 |
0,83 |
4 744 |
12,09 |
18 380 |
287,49 |
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Earnings before tax |
-32 |
NC |
49 |
NC |
2 088 |
NC |
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Net income |
-34 |
NC |
23 |
NC |
753 |
NC |
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Equity |
3 104 |
3 127 |
4 369 |
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Total debts |
1 527 |
1 277 |
6 326 |
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Working capital |
2 370 |
2 471 |
4 046 |
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Supplier credit |
804 |
678 |
2 730 |
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Total purchase |
4 411 |
5 893 |
24 426 |
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RATIOS |
31/12/2003 |
31/12/2004 |
31/12/2005 |
MEDIAN |
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Turnover growth (%) |
-3,65 |
24,81 |
274,01 |
6,52 |
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Total assets turnover (Number) |
1,38 |
1,8 |
2,82 |
2,09 |
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Net income (T.O. %) |
-0,52 |
0,27 |
2,43 |
1,85 |
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Cash flow (T.O. %) |
4,23 |
3,78 |
5,32 |
5,32 |
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Supplier credit (Purch. days excl. of tax) |
54,87 |
34,62 |
33,65 |
81,9 |
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Accounts receivables (T.O. days) |
52,23 |
54,75 |
34,4 |
68,03 |
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Interest expenses / EBIT (%) |
23,84 |
15,42 |
10,37 |
23,08 |
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Wages (%) |
29,59 |
25,42 |
20,37 |
22,53 |
The
2005 turnover of 30 957 thousand Euros (over a period of 12 months) denotes an
increase of 274,01 % compared to the previous financial year, superior to the
average growth in the sector (6,52 %).
From it can be drawn a net income
of 753 thousand Euros.
The total of the balance
sheet of 10 982 thousand Euros is composed of up to 13,79 % of the fixed assets
and up to 84,97 % of the circulating assets.
The turnover of 2,82 assets
is rising relative to the financial year; this turnover is above the average of
2,09.
With financial independence
of 39,78 % the company has global liabilities amounting to 6 326 thousand
Euros, with financial debts representing 11,89 % of all liabilities.
They generate financial costs
of up to 10,37 % of the EBITDA (Earning Before Interest, Taxes, Depreciation
& Amortisation), compared to a sector-based average of 23,08 %.
The self-financing capacity
is of 1 648 thousand Euros, i.e. 5,32 % of the turnover for an average of 5,32
%.
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KEY FIGURES |
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Estimated
turnover (2006) |
80 000 KE |
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Auditor's opinion |
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approved without
reservations or observations for the financial year ending 31/12/2005 |
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LEGAL PROCEEDINGS |
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None |
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DEVELOPMENT OF
COMMERCIAL RISK |
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may 2007 |
No or almost no risk |
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november 2006 |
No or almost no risk |
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may 2006 |
No or almost no risk |
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november 2005 |
No or almost no risk |
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OPINION |
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SEREFAC guarantee
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Yes |
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Financial structure
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Good |
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Cash
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Standard |
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Profitability
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good |
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Commitments
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respected |
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Payments
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regular |
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Defaults
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none |
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Subject history
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favourable |
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Credit limit
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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%)