MIRA
INFORM REPORT
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Report Date : |
13.12.2012 |
IDENTIFICATION DETAILS
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Name : |
MECA-INOX |
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Registered Office : |
1, Rue De La Croix Des Maheux, Immeuble Mercury, Cergy, 95000 |
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Country : |
France |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
15.01.1974 |
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Com. Reg. No.: |
308348499 |
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Legal Form : |
Public Independent Company |
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Line of Business : |
manufacturer
of metal household articles |
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No. of Employees : |
74 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 |
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Risk Category |
ECGC
Classification |
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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
Meca-Inox
1, Rue De La Croix Des Maheux
Immeuble Mercury
Cergy, 95000
France
Fax: +33 01 34 10 10 43
Synthesis
Employees: 74
Company Type: Public Independent
Incorporation Date:
15-Jan-1974
Financials in: USD
(Millions)
Fiscal Year End: 31-Dec-2011
Reporting Currency: Euro
Annual Sales: 15.7
Total Assets: 12.4
Business Description
Meca-Inox is primarily engaged in manufacture of metal household articles (sauce-pans, frying pans and other non-electrical utensils for use at the table or in the kitchen; base metal flat ware; small kitchen appliances and accessories; and metal scouring pads); manufacture of baths, sinks, wash basins and similar articles of base metal; manufacture of small metal goods for office use; manufacture of safes, strong-boxes, armoured doors, etc.; manufacture of cutlasses, swords, bayonets, etc.; manufacture of ships’ propellers; and manufacture of various articles in base metal (metal safety headgear; clasps, buckles, hooks; and sign plates).
Industry
Industry Miscellaneous Fabricated Products
ANZSIC 2006: 2299 - Other
Fabricated Metal Product Manufacturing Not Elsewhere Classified
NACE 2002: 2875 - Manufacture
of other fabricated metal products not elsewhere classified
NAICS 2002: 332999 - All Other
Miscellaneous Fabricated Metal Product Manufacturing
UK SIC 2003: 2875 - Manufacture
of other fabricated metal products not elsewhere classified
UK SIC 2007: 2599 - Manufacture
of other fabricated metal products n.e.c.
US SIC 1987: 3432 - Plumbing Fixture
Fittings and Trim
Key Executives
|
Name |
Title |
|
Laurence Benard |
Accounts manager, Personnel director |
|
Jean De Vanssay |
Marketing director |
|
Mme Cormier |
General secretariat |
|
Jacqueline Larmier |
General secretariat |
|
Thierry Prud'homme |
Commercial director |
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
1, Rue De La Croix Des Maheux
Immeuble Mercury
Cergy, 95000
France
Fax: +33 01 34 10 10 43
Sales EUR(mil): 11.3
Assets EUR(mil): 9.5
Employees: 74
Fiscal Year End: 31-Dec-2011
Industry: Miscellaneous
Fabricated Products
Incorporation Date: 15-Jan-1974
Company Type: Public
Independent
Quoted Status: Not
Quoted
Registered No.(FRA): 308348499
General secretariat: Mme
Cormier
Contents
Industry Codes
Business Description
Financial Data
Subsidiaries
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
2299 - Other Fabricated Metal Product Manufacturing Not Elsewhere
Classified
2439 - Other Electrical Equipment Manufacturing
2292 - Nut, Bolt, Screw and Rivet Manufacturing
NACE 2002 Codes:
2875 - Manufacture of other fabricated metal products not
elsewhere classified
2914 - Manufacture of bearings, gears, gearing and driving
elements
2874 - Manufacture of fasteners, screw machine products, chains
and springs
NAICS 2002 Codes:
332999 - All Other Miscellaneous Fabricated Metal Product
Manufacturing
333613 - Mechanical Power Transmission Equipment Manufacturing
33272 - Turned Product and Screw, Nut, and Bolt Manufacturing
US SIC 1987:
3432 - Plumbing Fixture Fittings and Trim
345 - Screw Machine Products, and Bolts, Nuts, Screws, Rivets,
and Washers
3568 - Mechanical Power Transmission Equipment, Not Elsewhere
Classified
UK SIC 2003:
2875 - Manufacture of other fabricated metal products not
elsewhere classified
2914 - Manufacture of bearings, gears, gearing and driving
elements
2874 - Manufacture of fasteners, screw machine products, chains
and springs
UK SIC 2007:
2599 - Manufacture of other fabricated metal products n.e.c.
2815 - Manufacture of bearings, gears, gearing and driving
elements
2594 - Manufacture of fasteners and screw machine products
Business
Description
Meca-Inox is
primarily engaged in manufacture of metal household articles (sauce-pans,
frying pans and other non-electrical utensils for use at the table or in the
kitchen; base metal flat ware; small kitchen appliances and accessories; and
metal scouring pads); manufacture of baths, sinks, wash basins and similar
articles of base metal; manufacture of small metal goods for office use;
manufacture of safes, strong-boxes, armoured doors, etc.; manufacture of
cutlasses, swords, bayonets, etc.; manufacture of ships’ propellers; and
manufacture of various articles in base metal (metal safety headgear; clasps,
buckles, hooks; and sign plates).
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Executive report
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Executives |
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General secretariat |
Administration Executive |
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General secretariat |
Administration Executive |
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Accounts manager, Personnel director |
Human Resources Executive |
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Marketing director |
Marketing Executive |
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Commercial director |
Commercial Executive |
Annual Profit & Loss
|
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 |
16.2 |
13.6 |
13.5 |
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Net sales |
15.7 |
13.2 |
14.3 |
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Change in stock |
-0.1 |
0.0 |
0.0 |
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Unfinished work in progress |
0.5 |
0.2 |
-0.9 |
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Subsidies for operating costs |
0.0 |
0.1 |
0.0 |
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Supplementary operating income |
0.0 |
0.1 |
- |
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Other operating income |
- |
0.0 |
- |
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Other external charges |
2.9 |
2.5 |
2.2 |
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Cost of goods sold |
7.1 |
5.6 |
5.3 |
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Taxes and social security costs |
0.3 |
0.2 |
0.4 |
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Social charges |
1.8 |
1.6 |
1.5 |
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Total payroll costs |
3.8 |
3.4 |
3.3 |
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Cost of stock depreciation and
amortisation |
0.0 |
0.0 |
0.2 |
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Fixed asset depreciation and amortisation |
0.1 |
0.1 |
0.1 |
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Other operating costs |
0.0 |
0.0 |
0.0 |
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Total operating
costs |
16.0 |
13.4 |
13.1 |
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Net operating
income |
0.2 |
0.1 |
0.4 |
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Total financial
income |
0.1 |
0.1 |
0.1 |
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Interest payable on loans |
0.1 |
0.1 |
0.1 |
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Other expenses |
0.0 |
0.0 |
0.0 |
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Total expenses |
0.1 |
0.1 |
0.1 |
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Profit before tax |
0.2 |
0.2 |
0.4 |
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Extraordinary income |
0.0 |
0.0 |
0.0 |
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Extraordinary expenses |
0.1 |
0.0 |
0.0 |
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Extraordinary result |
0.0 |
0.0 |
0.0 |
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Total taxation |
-0.3 |
0.0 |
- |
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Net profit |
0.4 |
0.2 |
0.3 |
Annual Balance
Sheet
Financials in: USD (mil)
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Issued capital |
2.0 |
2.0 |
2.2 |
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Share premium account |
0.0 |
0.0 |
0.0 |
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Total reserves |
0.2 |
0.2 |
0.3 |
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Profits for the year |
0.4 |
0.2 |
0.3 |
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Profit brought forward from previous
year(s) |
1.3 |
1.1 |
0.9 |
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Capital subsidies and grants |
0.5 |
0.5 |
0.5 |
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Total
stockholders equity |
4.3 |
4.1 |
4.2 |
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Provisions and allowances |
0.6 |
0.6 |
0.8 |
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Trade creditors |
2.1 |
1.0 |
1.0 |
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Other loans |
1.7 |
1.7 |
2.0 |
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Other liabilities |
2.7 |
3.4 |
4.3 |
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Debts on fixed assets |
0.0 |
0.0 |
0.0 |
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Taxation and social security |
0.9 |
0.9 |
1.1 |
|
Total current
liabilities |
3.6 |
2.7 |
2.8 |
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Total debts |
7.4 |
7.1 |
8.4 |
|
Regularisation account |
0.0 |
0.0 |
0.0 |
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Total
liabilities (including net worth) |
12.4 |
11.9 |
13.4 |
|
Patents |
0.0 |
0.0 |
0.0 |
|
Goodwill |
2.4 |
2.3 |
2.5 |
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Buildings |
0.2 |
0.2 |
0.2 |
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Other fixed assets |
0.2 |
0.2 |
0.2 |
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Long-term investments |
0.3 |
0.5 |
0.3 |
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Other financial assets |
2.3 |
2.4 |
2.6 |
|
Total
non-current assets |
5.3 |
5.6 |
5.9 |
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Prepayments |
0.1 |
0.0 |
0.2 |
|
Net stocks and work in progress |
3.8 |
3.4 |
3.4 |
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Trade debtors |
1.4 |
1.3 |
2.1 |
|
Other receivables |
0.7 |
0.1 |
0.1 |
|
Prepaid expenses |
0.0 |
0.0 |
0.0 |
|
Cash and liquid assets |
0.9 |
1.2 |
1.7 |
|
Total current
assets |
7.0 |
6.2 |
7.6 |
|
Prepaid expenses and deferred costs |
0.0 |
0.0 |
- |
|
Total assets |
12.4 |
11.9 |
13.4 |
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 |
1.90 |
2.30 |
2.70 |
|
Quick ratio |
0.90 |
1.00 |
1.50 |
|
Total liabilities to net worth |
3.93% |
4.15% |
4.83% |
|
Net worth to total assets |
0.15% |
0.15% |
0.13% |
|
Collection period |
28.50 |
30.10 |
43.80 |
|
Stock turnover rate |
3.80 |
3.90 |
4.30 |
|
Asset turnover |
1.18% |
1.13% |
1.10% |
|
Profit margin |
0.01% |
0.01% |
0.03% |
|
Return on assets |
0.01% |
0.01% |
0.03% |
|
Shareholders' return |
0.08% |
0.09% |
0.21% |
|
Sales per employee |
999.82 |
882.72 |
953.13 |
|
Profit per employee |
10.23 |
10.32 |
23.87 |
|
Average wage per employee |
243.35 |
230.51 |
220.77 |
|
Net worth |
4.3 |
4.1 |
4.2 |
|
Number of employees |
74 |
74 |
71 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.27 |
|
UK Pound |
1 |
Rs.87.43 |
|
Euro |
1 |
Rs.70.55 |
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.