MIRA INFORM REPORT

 

 

Report Date :

22.11.2007

 

IDENTIFICATION DETAILS

 

Name :

LES CUIRS DE L'OUEST

 

 

Registered Office :

Le Haut Sevrac, 35470 Bain De Bretagne Fr

 

 

Country :

France

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

01 January 1964

 

 

Com. Reg. No.:

05B01138

 

 

Legal Form :

Public Limited Company

 

 

Line of Business :

Wholesale of hides, skins and leather

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

150000 EUR

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

name & address

 

LES CUIRS DE L'OUEST

LE HAUT SEVRAC

35470 BAIN DE BRETAGNE FR

Tel. Number       +33-2-99439255

Fax number       +33-2-99437350

 

 

Business founded

01 January 1964

Registration number,

05B01138, RENNES,

Alternative tradename(s),

LCO,

party identification,

666480132,

Legal form

Public limited company (no information regarding quotation)

Activities

Wholesale of hides, skins and leather

Payment experience

Nothing to report

Credit opinion

Credit opinion

 

Maximum credit limit 150000 EUR is advised

 

The export volume in percentage of total sales for the company.  90,32

 

Financial structure (balance sheet analysis) : Balanced 

 

Cash situation (balance sheet analysis) : Medium 

 

Profitability (balance sheet analysis) : Feeble 

 

Commitments (regarding contractual obligations) : Completely fulfilled 

 

Payment defaults : None 

Employees (Business)

 14

Total number of shareholders

 1

Total share capital31 December 2006

EUR 1000000

Bank

CA AG ENT 35 RENNES - BNP   

Boardmembers

DE TINGUY HUBERT   President and managing director

Auditor

CABINET GEIREC , REPRESENTED BY GRUEL LOIC   Auditor

 

BARREL PIERRE   Deputy auditor

Parent company :

569200405   LE MARCHE AU CUIR DE L'OUEST   99,59 %   

 

 

 

The business owns or partly owns one or more pieces of land and buildings?  Yes(Property) 

 

Turnover for the period: 00 0000 - 31 December 2006  in  EUR 32.338.542,00

 Not consolidated profit and loss turnover of the business: 

 

Corporate balance sheet for the year: 00 0000 - 31 December 2006  in  EUR 

Total assets incl. prepaid expenses and accrued income

9.622.623,-

Total fixed assets

75.949,-

Total intangible fixed assets

424,-

Concessions and industrial rights, goodwill

424,-

Total tangible fixed assets

10.162,-

Land and buildings

2.572,-

Total financial fixed assets

65.364,-

Loans, shares and participations

46.574,-

Total Current assets

9.546.673,-

Inventories and work in progress (incl. prepayments)

3.974.826,-

Accounts receivable (trade)

4.758.244,-

Cash in hand and at bank

5.435,-

Total accrued income and prepaid expenses

12.572,-

Total equity, provisions, liabilities, accrued expenses and deferred income

9.622.623,-

Total equity (Shareholders' funds)

1.040.677,-

Issued (subscribed) capital

1.000.000,-

Legal reserves

6.347,-

Profit or loss for the previous year

28.348,-

Profit or loss for the financial year

7.399,-

Total liabilities

8.581.946,-

Total long-term liabilities

5.368.220,-

Long-term Loans, Mortgage debts

3.477.443,-

Long-term liabilities to credit institutions

1.890.777,-

Total current liabilities

3.213.726,-

Current accounts payable (trade)

2.992.257,-

Income and social tax liabilities

210.217,-

Borrowing ratio

824,65 %

Current ratio

297,06 %

Debt gearing

515,84 %

Profit margin.

0,65 %

Quick ratio

173,38 %

Return on assets

2,19 %

Return on equity.

0,71 %

Solidity or equity ratio

10,81 %

 

Corporate profit and loss account for the year: 00 0000 - 31 December 2006  in  EUR 

Total operating income/revenue

32.516.022,-

Main revenue (sales/turnover)

32.338.542,-

Total operating expenses

32.304.864,-

Cost of materials (type of expenditure format)

29.773.874,-

Personnel costs

451.783,-

Depreciation

4.473,-

Operating profit or loss

211.158,-

Financial income

78.615,-

Financial expenses

256.115,-

Result of ordinary operations

33.658,-

Extraordinary expenses

7.430,-

Extraordinary result

-7.430,-

Pre-tax and pre-appropriation profit or loss

33.658,-

Taxes

18.829,-

Net profit or loss

7.399,-

 

Turnover for the period: 00 0000 - 31 December 2005  in  EUR 11.104.693,00

 Not consolidated profit and loss turnover of the business: 

 

Corporate balance sheet for the year: 00 0000 - 31 December 2005  in  EUR 

Total assets incl. prepaid expenses and accrued income

8.890.779,-

Total fixed assets

65.334,-

Total financial fixed assets

65.334,-

Loans, shares and participations

46.574,-

Total Current assets

8.825.445,-

Inventories and work in progress (incl. prepayments)

3.425.485,-

Accounts receivable (trade)

4.435.143,-

Cash in hand and at bank

94.839,-

Total accrued income and prepaid expenses

8.790,-

Total equity, provisions, liabilities, accrued expenses and deferred income

8.890.779,-

Total equity (Shareholders' funds)

1.033.278,-

Issued (subscribed) capital

1.000.000,-

Legal reserves

4.930,-

Profit or loss for the previous year

13.118,-

Profit or loss for the financial year

28.348,-

Total liabilities

7.857.501,-

Total long-term liabilities

2.137.257,-

Long-term liabilities to credit institutions

2.137.257,-

Total current liabilities

5.720.244,-

Current accounts payable (trade)

3.013.929,-

Income and social tax liabilities

164.903,-

Borrowing ratio

760,44 %

Current ratio

154,28 %

Debt gearing

206,84 %

Profit margin.

1,00 %

Quick ratio

94,40 %

Return on assets

1,24 %

Return on equity.

2,74 %

Solidity or equity ratio

11,62 %

 

Corporate profit and loss account for the year: 00 0000 - 31 December 2005  in  EUR 

Total operating income/revenue

11.107.216,-

Main revenue (sales/turnover)

11.104.693,-

Total operating expenses

10.996.668,-

Cost of materials (type of expenditure format)

13.439.520,-

Personnel costs

201.400,-

Operating profit or loss

110.549,-

Financial income

11.869,-

Financial expenses

56.372,-

Result of ordinary operations

66.046,-

Extraordinary income

5.531,-

Extraordinary result

5.531,-

Pre-tax and pre-appropriation profit or loss

66.046,-

Taxes

43.229,-

Net profit or loss

28.348,-

 

Turnover for the period: 00 0000 - 31 December 2004  in  EUR 77.903,00

 Not consolidated profit and loss turnover of the business: 

 

Corporate balance sheet for the year: 00 0000 - 31 December 2004  in  EUR 

Total assets incl. prepaid expenses and accrued income

273.074,-

Total Current assets

273.074,-

Accounts receivable (trade)

12.990,-

Cash in hand and at bank

1.038,-

Total accrued income and prepaid expenses

745,-

Total equity, provisions, liabilities, accrued expenses and deferred income

273.074,-

Total equity (Shareholders' funds)

116.998,-

Issued (subscribed) capital

49.300,-

Legal reserves

4.930,-

Profit or loss for the financial year

13.118,-

Total liabilities

156.075,-

Total long-term liabilities

144.063,-

Long-term Loans, Mortgage debts

144.063,-

Total current liabilities

12.012,-

Current accounts payable (trade)

5.570,-

Income and social tax liabilities

6.442,-

Borrowing ratio

133,40 %

Current ratio

2273,34 %

Debt gearing

123,13 %

Profit margin.

-140,84 %

Quick ratio

2273,34 %

Return on assets

-40,18 %

Return on equity.

11,21 %

Solidity or equity ratio

42,84 %

 

Corporate profit and loss account for the year: 00 0000 - 31 December 2004  in  EUR 

Total operating income/revenue

78.566,-

Main revenue (sales/turnover)

77.903,-

Total operating expenses

188.284,-

Cost of materials (type of expenditure format)

6.967,-

Personnel costs

98.075,-

Depreciation

17.327,-

Operating profit or loss

-109.718,-

Financial income

10.536,-

Financial expenses

42,-

Result of ordinary operations

-99.225,-

Extraordinary income

170.730,-

Extraordinary expenses

58.377,-

Extraordinary result

112.343,-

Pre-tax and pre-appropriation profit or loss

-99.224,-

Net profit or loss

13.118,-

 

 

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.

 

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