MIRA
INFORM REPORT
|
Report Date : |
08.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
CINETIC MACHINING |
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Registered Office : |
494, Rue Actipole Les Tours, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
15.11.1996 |
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Com. Reg. No.: |
409893443 |
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Legal Form : |
Public Subsidiary Company |
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Line of Business : |
manufacturer
of machine tools for working metal operated by laser |
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No. of Employees : |
128 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
France |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
France - ECONOMIC OVERVIEW
France was transitioning from an economy that has featured extensive
government ownership and intervention to one that relies more on market
mechanisms but is in the midst of a euro-zone crisis. The government has
partially or fully privatized many large companies, banks, and insurers, and
has ceded stakes in such leading firms as Air France, France Telecom, Renault,
and Thales. It maintains a strong presence in some sectors, particularly power,
public transport, and defense industries. With at least 75 million foreign
tourists per year, France is the most visited country in the world and
maintains the third largest income in the world from tourism. France's leaders
remain committed to a capitalism in which they maintain social equity by means
of laws, tax policies, and social spending that reduce income disparity and the
impact of free markets on public health and welfare. France's real GDP
contracted 2.6% in 2009, but recovered somewhat in 2010 and 2011. The
unemployment rate increased from 7.4% in 2008 to 9.3% in 2010 and 9.1% in 2011.
Lower-than-expected growth and increased unemployment have cut government
revenues and increased borrowing costs, contributing to a deterioration of
France's public finances. The government budget deficit rose sharply from 3.4%
of GDP in 2008 to 7.5% of GDP in 2009 before improving to 5.8% of GDP in 2011,
while France's public debt rose from 68% of GDP to 86% over the same period.
Under President SARKOZY, Paris implemented austerity measures that eliminated
tax credits and froze most government spending in an effort to bring the budget
deficit under the 3% euro-zone ceiling by 2013 and to highlight France's
commitment to fiscal discipline at a time of intense financial market scrutiny
of euro-zone debt levels. Socialist Francois HOLLANDE won the May 2012
presidential election, after advocating pro-growth economic policies, as well
as measures such as forcing banks to separate their traditional deposit taking
and lending activities from more speculative businesses, increasing taxes on
bank profits, introducing a new top bracket on income taxes for people earning
over €1 million ($1.3 million) a year, and hiring an additional 60,000 civil
servants during his five-year term of office.
|
Source : CIA |
Company name & address
Cinetic Machining
494, Rue Actipole Les Tours
St Laurent Les Tours, 46400
France
Tel: +33 05 65 10 13 13
Fax: +33 05 65 10 13 00
Synthesis
Employees: 128
Company Type: Public Subsidiary
Corporate Family: 41
Companies
Ultimate Parent: Fl
Investco
Incorporation Date:
15-Nov-1996
Financials in: USD
(Millions)
Fiscal Year End: 31-Dec-2011
Reporting Currency: Euro
Annual Sales: 26.3
Total Assets: 11.8
Business Description
Cinetic Machining is primarily engaged in manufacture of machine tools for working metal operated by laser and the like: machining centres and the like; manufacture of lathes, boring and milling machines for working metals; manufacture of other machine tools for working metal; and manufacture of parts and accessories for metalworking machine-tools.
Industry
Industry Miscellaneous Capital Goods
ANZSIC 2006: 2463 - Machine
Tool and Parts Manufacturing
NACE 2002: 2942 - Manufacture
of other metalworking machine tools
NAICS 2002: 33351 -
Metalworking Machinery Manufacturing
UK SIC 2003: 2942 - Manufacture
of other metalworking machine tools
UK SIC 2007: 2841 - Manufacture
of metal forming machinery
US SIC 1987: 3541 - Machine
Tools, Metal Cutting Types
Key Executives
|
Name |
Title |
|
Francois Duval |
Marketing director |
|
Laurence Drezec |
Director |
|
Franck Lefebvre |
Director |
|
Jean-Francois Poulard |
Commercial director |
|
Jean-Camille Francois Uring |
Member of the Board |
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327
Corporate Overview
Location
494, Rue Actipole Les Tours
St Laurent Les Tours, 46400
France
Tel: +33 05 65 10 13 13
Fax: +33 05 65 10 13 00
Sales EUR(mil): 18.9
Assets EUR(mil): 9.1
Employees: 128
Fiscal Year End: 31-Dec-2011
Industry: Miscellaneous
Capital Goods
Incorporation Date: 15-Nov-1996
Company Type: Public
Subsidiary
Quoted Status: Not
Quoted
Registered No.(FRA): 409893443
Director: Laurence
Drezec
Contents
Industry Codes
Business Description
Financial Data
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
2463 - Machine Tool and Parts Manufacturing
NACE 2002 Codes:
2942 - Manufacture of other metalworking machine tools
NAICS 2002 Codes:
33351 - Metalworking Machinery Manufacturing
US SIC 1987:
3541 - Machine Tools, Metal Cutting Types
UK SIC 2003:
2942 - Manufacture of other metalworking machine tools
UK SIC 2007:
2841 - Manufacture of metal forming machinery
Business
Description
Cinetic Machining is primarily engaged in manufacture of machine tools for working metal operated by laser and the like: machining centres and the like; manufacture of lathes, boring and milling machines for working metals; manufacture of other machine tools for working metal; and manufacture of parts and accessories for metalworking machine-tools.
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Corporate Family |
Corporate
Structure News: |
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Fl
Investco |
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Cinetic Machining |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Paris |
France |
Commercial Banks |
|
1 |
|
|
Subsidiary |
Seclin |
France |
Miscellaneous Capital Goods |
147.4 |
133 |
|
|
Subsidiary |
Seclin |
France |
Construction and Agriculture Machinery |
21.3 |
125 |
|
|
Subsidiary |
Paris |
France |
Miscellaneous Capital Goods |
21.6 |
76 |
|
|
Subsidiary |
Nancy |
France |
Miscellaneous Fabricated Products |
170.8 |
896 |
|
|
Subsidiary |
Evry |
France |
Miscellaneous Capital Goods |
89.1 |
374 |
|
|
Subsidiary |
Lautenbach |
France |
Miscellaneous Capital Goods |
14.3 |
95 |
|
|
Subsidiary |
Didcot |
United Kingdom |
Engineering Consultants |
17.8 |
38 |
|
|
Subsidiary |
Bilbao, Vizcaya |
Spain |
Miscellaneous Capital Goods |
6.4 |
30 |
|
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Subsidiary |
Cleveland, OH |
United States |
Construction - Supplies and Fixtures |
60.0 |
325 |
|
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Subsidiary |
Farmington, MI |
United States |
Miscellaneous Capital Goods |
61.3 |
220 |
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Subsidiary |
Villeneuve d'Ascq |
France |
Miscellaneous Capital Goods |
219.3 |
205 |
|
|
Subsidiary |
Villeneuve D Ascq |
France |
Miscellaneous Financial Services |
71.2 |
188 |
|
|
Subsidiary |
Marseille |
France |
Miscellaneous Capital Goods |
52.8 |
184 |
|
|
Subsidiary |
Hagerstown, MD |
United States |
Miscellaneous Capital Goods |
175.0 |
130 |
|
|
Branch |
Chardon, OH |
United States |
Jewelry and Silverware |
39.1 |
140 |
|
|
Branch |
Milford, OH |
United States |
Construction and Agriculture Machinery |
4.9 |
6 |
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Branch |
Washington, IL |
United States |
Construction and Agriculture Machinery |
0.8 |
1 |
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Subsidiary |
Villeneuve d’Ascq |
France |
Miscellaneous Capital Goods |
33.3 |
115 |
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Subsidiary |
Derby |
United Kingdom |
Engineering Consultants |
12.3 |
15 |
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Subsidiary |
Saint Germain en Laye |
France |
Miscellaneous Capital Goods |
52.8 |
74 |
|
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Subsidiary |
Givors |
France |
Miscellaneous Capital Goods |
115.4 |
101 |
|
|
Subsidiary |
Montreal, QC |
Canada |
Construction Services |
|
50 |
|
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Subsidiary |
Wolverhampton |
United Kingdom |
Miscellaneous Capital Goods |
11.0 |
31 |
|
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Subsidiary |
Wolverhampton |
United Kingdom |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Bruxelles |
Belgium |
Engineering Consultants |
0.0 |
|
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Subsidiary |
Louisville, KY |
United States |
Miscellaneous Capital Goods |
8.6 |
50 |
|
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Subsidiary |
Paris |
France |
Miscellaneous Capital Goods |
0.0 |
6 |
|
|
Subsidiary |
Keighley |
United Kingdom |
Scientific and Technical Instruments |
63.4 |
317 |
|
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Subsidiary |
St Laurent Les Tours |
France |
Miscellaneous Capital Goods |
26.3 |
171 |
|
|
Subsidiary |
Hericourt |
France |
Miscellaneous Capital Goods |
26.2 |
163 |
|
|
Subsidiary |
Le Bignon |
France |
Electronic Instruments and Controls |
37.1 |
149 |
|
|
Subsidiary |
Montevrain |
France |
Construction and Agriculture Machinery |
50.8 |
110 |
|
|
Subsidiary |
Grigny |
France |
Construction and Agriculture Machinery |
26.4 |
83 |
|
|
Subsidiary |
Montevrain |
France |
Miscellaneous Fabricated Products |
18.5 |
76 |
|
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Subsidiary |
Colmar, Haut Rhin |
France |
Miscellaneous Capital Goods |
75.0 |
1 |
|
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Subsidiary |
Kobe, Hyogo |
Japan |
Miscellaneous Capital Goods |
66.3 |
|
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Subsidiary |
Saint-Germain-en-Laye |
France |
Paper and Paper Products |
40.0 |
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Subsidiary |
Paris |
France |
Miscellaneous Capital Goods |
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Subsidiary |
Seclin |
France |
Miscellaneous Capital Goods |
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Subsidiary |
San Mauro Torinese, Torino |
Italy |
Miscellaneous Capital Goods |
20.0 |
58 |
Executive report
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Board
of Directors |
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Member of the Board |
Director/Board Member |
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Executives |
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Director |
Administration Executive |
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Director |
Administration Executive |
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General manager |
Administration Executive |
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Accounts manager |
Sales Executive |
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Marketing director |
Marketing Executive |
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Annual Profit & Loss
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|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Total income |
26.8 |
19.0 |
23.5 |
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Net sales |
26.3 |
13.9 |
23.4 |
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Change in stock |
0.0 |
0.0 |
0.0 |
|
Unfinished work in progress |
-1.7 |
1.7 |
-3.4 |
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Own work capitalised |
0.6 |
- |
- |
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Subsidies for operating costs |
0.0 |
0.0 |
- |
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Supplementary operating income |
1.7 |
3.4 |
3.4 |
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Other operating income |
0.0 |
0.0 |
0.0 |
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Other external charges |
4.5 |
3.4 |
4.3 |
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Cost of goods sold |
10.0 |
5.9 |
7.2 |
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Taxes and social security costs |
0.6 |
0.7 |
0.8 |
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Social charges |
3.4 |
3.0 |
3.7 |
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Total payroll costs |
7.3 |
7.6 |
8.2 |
|
Cost of stock depreciation and
amortisation |
0.7 |
1.2 |
1.5 |
|
Fixed asset depreciation and amortisation |
0.3 |
0.2 |
0.2 |
|
Other operating costs |
0.4 |
0.2 |
0.2 |
|
Total operating
costs |
27.2 |
22.2 |
26.2 |
|
Net operating
income |
-0.4 |
-3.2 |
-2.8 |
|
Total financial
income |
0.1 |
0.0 |
0.0 |
|
Interest payable on loans |
0.0 |
0.1 |
0.0 |
|
Other expenses |
0.1 |
0.0 |
0.2 |
|
Total expenses |
0.1 |
0.1 |
0.3 |
|
Profit before tax |
-0.5 |
-3.2 |
-3.0 |
|
Extraordinary income |
0.1 |
1.8 |
0.0 |
|
Extraordinary expenses |
0.3 |
1.8 |
2.9 |
|
Extraordinary result |
-0.3 |
0.1 |
-2.9 |
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Total taxation |
0.0 |
0.0 |
0.0 |
|
Net loss |
0.7 |
3.2 |
5.8 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Issued capital |
0.6 |
0.7 |
3.0 |
|
Share premium account |
- |
2.9 |
- |
|
Total reserves |
0.1 |
0.1 |
0.7 |
|
Profits for the year |
-0.7 |
-3.2 |
-6.0 |
|
Profit brought forward from previous
year(s) |
-0.3 |
- |
- |
|
Total
stockholders equity |
-0.2 |
0.5 |
-2.4 |
|
Provisions and allowances |
0.9 |
1.3 |
3.9 |
|
Trade creditors |
3.2 |
2.1 |
2.0 |
|
Advances received |
- |
0.5 |
1.2 |
|
Bank loans and overdrafts |
0.8 |
0.0 |
0.0 |
|
Current bank debts |
- |
0.0 |
- |
|
Other loans |
2.0 |
- |
- |
|
Other liabilities |
2.1 |
1.0 |
2.6 |
|
Taxation and social security |
3.0 |
2.4 |
3.2 |
|
Total current
liabilities |
- |
5.5 |
7.7 |
|
Total debts |
11.2 |
6.0 |
8.9 |
|
Total
liabilities (including net worth) |
11.8 |
7.8 |
10.5 |
|
Patents |
0.0 |
0.0 |
0.0 |
|
Goodwill |
0.1 |
0.1 |
0.1 |
|
Land |
0.1 |
0.1 |
0.1 |
|
Buildings |
0.2 |
0.2 |
0.3 |
|
Other fixed assets |
0.8 |
0.4 |
0.5 |
|
Other financial assets |
0.0 |
0.0 |
0.0 |
|
Total
non-current assets |
1.2 |
0.8 |
1.0 |
|
Prepayments |
0.1 |
0.0 |
0.0 |
|
Net stocks and work in progress |
1.1 |
2.8 |
1.3 |
|
Trade debtors |
8.3 |
3.7 |
7.4 |
|
Other receivables |
0.4 |
0.2 |
0.2 |
|
Prepaid expenses |
0.0 |
0.0 |
0.0 |
|
Cash and liquid assets |
0.6 |
0.3 |
0.6 |
|
Total current
assets |
10.6 |
7.0 |
9.5 |
|
Total assets |
11.8 |
7.8 |
10.5 |
Annual Ratios
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Current ratio |
- |
1.30 |
1.20 |
|
Quick ratio |
- |
0.80 |
1.10 |
|
Total liabilities to net worth |
-35.75% |
15.32% |
-3.63% |
|
Net worth to total assets |
-0.03% |
0.05% |
-0.24% |
|
Collection period |
102.60 |
80.50 |
92.70 |
|
Stock turnover rate |
21.70 |
5.10 |
18.80 |
|
Asset turnover |
2.08% |
1.80% |
2.30% |
|
Profit margin |
-0.02% |
-0.23% |
-0.13% |
|
Return on assets |
-0.04% |
-0.42% |
-0.29% |
|
Shareholders' return |
- |
-8.32% |
- |
|
Sales per employee |
967.95 |
499.20 |
645.64 |
|
Profit per employee |
-17.63 |
-115.77 |
-81.89 |
|
Average wage per employee |
267.52 |
272.90 |
226.95 |
|
Net worth |
-0.2 |
0.5 |
-2.4 |
|
Number of employees |
128 |
138 |
171 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.20 |
|
UK Pound |
1 |
Rs.86.99 |
|
Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.