MIRA
INFORM REPORT
|
Report Date : |
29.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
LA CAISSE CENTRALE DESJARDINS DU QUEBEC |
|
|
|
|
Registered Office : |
1170 Rue Peel Suite 600 Montreal PQ H3B 0B1 |
|
|
|
|
Country : |
Canada |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
22.06.1976 |
|
|
|
|
Legal Form : |
Cooperative |
|
|
|
|
Line of Business : |
The Subject provides financing, banking and international services |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
IDENTIFICATION & EXECUTIVE SUMMARY
|
z |
Company Name: |
LA CAISSE CENTRALE DESJARDINS DU QUEBEC |
|
|||
|
|
Trade Name: |
CAISSE CENTRALE DESJARDINS |
|
|||
|
|
Address: |
1170 RUE PEEL SUITE 600 |
|
|
||
|
|
City: |
MONTREAL |
Founded (D/M/Y): |
|
|
|
|
|
State/Province: |
PQ |
In K CAD as of : |
31/12/2006 |
|
|
|
|
Zip Code: |
H3B 0B1 |
Sales / Revenue: |
654,455 |
|
|
|
|
Country: |
CANADA |
Net Income: |
54,474 |
|
|
|
|
Telephone: |
514-281-7070 |
Total Equity: |
911,005 |
|
|
|
|
Facsimile: |
514-281-7083 |
Number of Employees: |
366 |
|
|
|
|
URL |
www.desjardins.com |
|
|
||
|
|
Legal Form: |
Cooperative |
|
|
|
|
|
|
Shareholder: |
|
|
|
|
|
|
|
Business Activity: |
The Subject provides financing, banking and international services to
institutional organizations (governments, school districts), large and
medium-sized businesses and Desjardins Group entities. |
|
|||
|
|
NOTE TO CLIENT
|
|
LEGAL NAME: LA CAISSE CENTRALE DESJARDINS DU QUEBEC |
|
|
ORDERED NAME: CAISSE CENTRALE DESJARDINS CENTRE |
|
|
|
|
|
PLEASE NOTE THAT THE ORDERED ADDRESS, DES SERUICES INTL, IS NOT AN |
|
|
ACTUAL ADDRSESS. THE HEADING ADDRESS IS THE CORRECT PHYSICAL ADDRESS |
|
|
FOR THE SUBJECT. |
|
|
|
|
|
Person Contacted: Ms. Lucie Pulford, Administrative Officer. She |
|
|
verified and updated the information presented to her. |
|
|
LEGAL
|
|
Legal Form: |
Cooperative |
|
|
Incorporation State |
QC |
|
|
Status: |
ACTIVE |
|
|
Since (D/M/Y): |
22/06/1976 |
|
|
The company is NOT required to publish an annual financial report. |
|
|
|
|
|
The Company is provincially chartered in Quebec under the following |
|
|
registration. |
|
|
|
|
|
Incorporation Number: 1144352540 |
|
|
Legal Name: LA CAISSE CENTRALE DESJARDINS DU QUEBEC |
|
|
Incorporation Date: 6/22/1979 |
|
|
Last Annual Report: 8/21/2007 |
|
|
Location: Quebec |
|
|
Address: 1170, RUE PEEL, BUREAU 600 |
|
|
MONTREAL (QUEBEC) H3B 0B1 |
|
|
MANAGERS / KEY PERSONNEL
|
|
Mr. Jean-Guy Langelier |
President |
|
|
Ms. Lucie Pulford |
Administrative Manager |
|
|
Mr. Andre Bellefeuille |
Senior Vice President |
|
|
Mr. Huu Trung Nguyen |
Vice President - Finance |
AFFILIATED COMPANIES
|
|
The following are affiliates of the Subject: |
|
|
|
|
|
Fonds de securite Desjardins |
|
|
Desjardins Trust |
|
|
Desjardins Financial Services Firm |
|
|
Capital Desjardins |
|
|
Desjardins Securities |
|
|
Disnat |
|
|
Gestion Valeurs mobilieres Desjardins |
|
|
Desjardins Securities International |
|
|
Desjardins Venture Capital |
|
|
LP and Desjardins regional development funds |
|
|
Desjardins Capital regional et cooperatif |
|
|
Desjardins General Insurance Group |
|
|
The Personal Insurance Company |
|
|
Certas Direct, Insurance Company |
|
|
Desjardins General Insurance |
|
|
The Personal General Insurance |
Parent Companies
|
|
Parent Company: |
Federations des Caisse Desjardins |
|
|
Address: |
100 AVE DES COMMANDEURS |
|
|
City: |
Levis |
|
|
State/Province: |
PQ |
|
|
Zip Code: |
G6V 7N5 |
|
|
Country: |
CANADA |
|
|
Telephone: |
418-835-8444 |
|
|
|
|
|
The following is a sample of financial statement information from the Subject's |
|
|
parent company, Federation des Caisse Desjardins du Quebec |
|
|
|
SUBSIDIARIES
|
|
|
|
The following are subsidiaries of the Subject: |
|
|
|
|
|
Desjardins Bank |
|
|
Caisse centrale Desjardins U.S. Branch |
BANKS
|
State/Province: |
PQ |
|
|
Country: |
CANADA |
|
|
|
A bank name could not be learned for this report. |
|
PAYMENT HISTORY
|
|
|
|
|
|
|
|
|
------------------------------------------------------------------------------ |
|
|
Supplier's Name/Industry Terms Amount/Pay Habits/Comments |
|
|
Rptd Open Credit Credit High Total Current Past Due/Pay Period |
|
|
Date Date Limit Limit Dt. Credit Owing $ 1st 2nd 3rd |
|
|
------------------------------------------------------------------------------ |
|
|
Whlsl-Electronic Pts: |
|
|
*Nov 0 18,747 18,747 13,708 4,437 0 602 |
|
|
Services-Advertising: |
|
|
*Nov 0 439 439 0 439 0 0 |
|
|
VISA DESJARDINS: 514-397-4400 DLA-2007/09/17 230 # |
|
|
*Nov Jan/2004 3,822 3,822 353 353 0 0 0 |
|
|
DICOM EXPRESS INC.: 514-636-8033 |
|
|
*Sep 0 147 147 97 50 0 0 |
|
|
------- ------- ------- ------- ------- ------- |
|
|
P.I. = 11 90 Days 23,155 19,686 14,158 4,926 0 602 |
|
|
Reported ------- ------- ------- ------- ------- ------- |
|
|
|
|
|
Printer-Commercial: |
|
|
*Aug 0 160 160 160 0 0 0 |
|
|
DE LAGE LANDEN FIN: 905-465-3160 |
|
|
*Dec 0 9,701 2,487 2,487 0 0 0 |
|
|
------- ------- ------- ------- ------- ------- |
|
|
P.I. = 10 Total 33,016 22,333 16,805 4,926 0 602 |
|
|
Reported ------- ------- ------- ------- ------- ------- |
|
|
PAYMENT TRENDS |
|
|
------------------------------------------------------------------------------ |
|
|
Payment C.I. Number of Total Current Overdue |
|
|
Quarters Index Score Suppliers Owing $ 1st 2nd 3rd |
|
|
------------------------------------------------------------------------------ |
|
|
3 Qtr/2007 0 5 5 7,355 7,305 50 0 0 |
|
|
2 Qtr/2007 0 14 3 7,227 7,140 87 0 0 |
|
|
1 Qtr/2007 13 10 2 356 247 92 0 17 |
|
|
4 Qtr/2006 4 8 4 3,387 3,051 319 0 17 |
|
|
3 Qtr/2006 6 8 3 2,684 2,375 195 114 0 |
|
|
2 Qtr/2006 3 5 6 4,054 3,676 378 0 0 |
|
|
1 Qtr/2006 2 8 4 9,643 9,130 513 0 0 |
|
|
4 Qtr/2005 1 14 3 2,877 2,787 90 0 0 |
|
|
3 Qtr/2005 12 14 3 816 550 266 0 0 |
|
|
|
|
|
FINANCIAL INFORMATION
|
|
Fiscal Year End : |
|
In K |
CAD |
|
|
|
|
|
|
|
|
Year-End (D/M/Y) |
31/12/2006 |
31/12/2005 |
31/12/2004 |
|
|
||||
|
Income Statement |
Consolidated |
Consolidated |
Consolidated |
|
|
|
||||
|
|
Global Net Sales |
654,455 |
464,002 |
382,524 |
|
|
Net Income (Loss) of the Year |
54,474 |
48,518 |
44,102 |
|
|
||||
|
Assets |
||||
|
|
||||
|
|
Short Term Investments |
2,700,155 |
1,971,574 |
1,616,113 |
|
|
Cash and Cash Equivalents |
167,871 |
150,859 |
124,307 |
|
|
Other Current Assets |
10,924,170 |
10,286,122 |
10,186,723 |
|
|
Total Current Assets |
13,792,196 |
12,408,555 |
11,927,143 |
|
|
Long Term Investments |
3,805,021 |
3,348,898 |
2,843,203 |
|
|
Total Fixed Assets |
3,805,021 |
3,348,898 |
2,843,203 |
|
|
Total Assets |
17,597,217 |
15,757,453 |
14,770,346 |
|
|
||||
|
Liabilities |
||||
|
|
||||
|
|
Trade Accounts Payable |
13,430,621 |
11,948,943 |
11,242,354 |
|
|
Other Current Liabilities |
3,255,591 |
3,120,415 |
2,840,941 |
|
|
Total Current Liabilities |
16,686,212 |
15,069,358 |
14,083,295 |
|
|
Total Liabilities |
16,686,212 |
15,069,358 |
14,083,295 |
|
|
||||
|
Equity |
||||
|
|
||||
|
|
Equity Capital |
887,206 |
666,206 |
666,206 |
|
|
Retained Earnings |
2,954 |
1,044 |
|
|
|
Reserve |
20,845 |
20,845 |
20,845 |
|
|
Total Equity |
911,005 |
688,095 |
687,051 |
|
|
||||
FINANCIAL INDICATORS
|
|
Year-End (D/M/Y) |
31/12/2006 |
31/12/2005 |
31/12/2004 |
|
|
|
|
||
|
|
Quick Ratio |
|
|
|
|
|
Current Ratio |
0.82 |
0.82 |
0.84 |
|
|
Return on Sales |
0.08 |
0.10 |
0.11 |
|
|
Return on Assets |
0.00 |
0.00 |
0.00 |
|
|
Return on Equity |
0.05 |
0.07 |
0.06 |
|
|
Debt to Equity |
18.31 |
21.90 |
20.49 |
|
|
Solvency |
|
|
|
|
|
A/R Turns |
|
|
|
|
|
The above information is listed in thousands of Canadian Dollars. |
|
|
|
|
|
Please note that financial cooperatives in Canada are required to |
|
|
release financial information. |
CURRENT OPERATIONS
|
|
SIC Code: |
|
|
|
|
NAICS Code: |
52 |
|
|
|
|
Finance and Insurance |
|
|
|
Number of Employees: |
366 |
|
|
|
Business Activity: |
||
|
|
The Subject provides financing, banking and international services to |
|
|
institutional organizations (governments, school districts), large and |
|
|
medium-sized businesses and Desjardins Group entities. |
|
|
The Subject also acts as treasurer for the Desjardins Group and as its
financial |
|
|
agent on Canadian and international markets. |
|
|
|
|
|
As the financial agent for Desjardins Group, the Company represents
the caisses |
|
|
within the Canadian Payments Association. On behalf of the Group,
Caisse |
|
|
centrale guarantees and assumes the clearing for banking instruments
with the |
|
|
Bank of Canada, and for securities negotiated in Canada with the
Canadian |
|
|
Depository for Securities. |
|
|
|
|
|
As treasurer, Caisse centrale Desjardins also develops and implements |
|
|
liquidities and asset liability management strategies for the Group.
Caisse |
|
|
centrale is also responsible for meeting the liquidity needs of the
Group, as |
|
|
well as increasing and diversifying its sources of funds on national
and |
|
|
international markets. |
|
|
|
|
|
The heading address is the headquarters for the Subject. The facility
consists |
|
|
of leased office space. |
|
|
|
|
|
The Subject has several branch offices throughout Ontario and Quebec. |
PUBLIC RECORD
|
|
|
|
A search of public revealed no derogatory information, bankruptcy |
|
|
petitions or Uniform Commercial Codes. |
COMMENTS
|
|
The Subject, registered in Quebec in 1979, is engaged as a financial |
|
|
institution. The payment record is generally satisfactory and the operating |
|
|
history is clear. No derogatory information or bankruptcy petitions were |
|
|
reported or noted. The Company is responsible for normal business transactions. |
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%)