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Report Date : |
22.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SYSTEME U CENTRALE NATIONALE SA |
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|
|
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Registered Office : |
20 rue d'Arcueil Rungis, |
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Country : |
France |
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|
|
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Financials (as on) : |
31.12.2011 |
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Year of Incorporation : |
1922 |
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Com. Reg. No.: |
304602956 |
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Legal Form : |
Public Parent |
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Line of Business : |
Subject engaged in wholesale of furniture, jewellery, musical instruments, hotographic goods, toys and games, travel and fancy goods, other household goods not elsewhere classified |
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No. of Employees : |
657 |
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 |
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Payment Behaviour : |
No Complaints |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
|
France |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
FRANCE - ECONOMIC OVERVIEW
The French economy is diversified across all sectors. The
government has partially or fully privatized many large companies, including
Air France, France Telecom, Renault, and Thales. However, the government
maintains a strong presence in some sectors, particularly power, public
transport, and defense industries. With at least 79 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, before stagnating in
2012. The unemployment rate increased from 7.4% in 2008 to 10.3% in 2012. Youth
unemployment shot up to 24.2% during the third quarter of 2012 in metropolitan
France. Lower-than-expected growth and high unemployment costs have strained
France's public finances. The budget deficit rose sharply from 3.4% of GDP in
2008 to 7.5% of GDP in 2009 before improving to 4.5% of GDP in 2012, while
France's public debt rose from 68% of GDP to 89% over the same period. Under
President SARKOZY, Paris implemented some austerity measures 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. Socialist Party candidate Francois HOLLANDE won the May 2012
presidential election, after advocating pro-growth economic policies, the
separation of banks' traditional deposit taking and lending activities from
more speculative businesses, increasing the top corporate and personal tax
rates, and hiring an additional 60,000 teachers during his five-year term. The
government's attempt to introduce a 75% wealth tax on income over one million
euros for two years was struck down by the French Constitutional Council in
December 2012 because it applied to individuals rather than households. France
ratified the EU fiscal stability treaty in October 2012 and HOLLANDE's
government has maintained France's commitment to meeting the budget deficit
target of 3% of GDP during 2013 even amid signs that economic growth will be
lower than the government's forecast of 0.8%. Despite stagnant growth and
fiscal challenges, France's borrowing costs declined during the second half of
2012 to euro-era lows.
Source
: CIA
Systeme U Centrale
Nationale SA
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Business
Description
|
Systeme U Centrale Nationale is primarily engaged in wholesale of
furniture; wholesale of jewellery; wholesale of musical instruments; wholesale
of photographic goods; wholesale of toys and games; wholesale of travel and
fancy goods; and wholesale of other household goods not elsewhere classified. |
Industry
|
Industry |
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ANZSIC 2006: |
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NACE 2002: |
5139 - Non-specialised wholesale of food, beverages
and tobacco |
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NAICS 2002: |
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UK SIC 2003: |
5139 - Non-specialised wholesale of food, beverages
and tobacco |
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UK SIC 2007: |
4639 - Non-specialised wholesale of food, beverages
and tobacco |
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US SIC 1987: |
Key Executives
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1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327
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Système U
Centrale Nationale SA |
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|
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Rungis |
France |
Retail (Grocery) |
1,102.8 |
657 |
|
|
Subsidiary |
Le Muy |
France |
Retail (Home Improvement) |
|
749 |
Executives
Report
|
|
|
31-Dec-2011 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.719047 |
0.683679 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Total income |
1,113.7 |
957.6 |
955.4 |
|
Net sales |
1,102.8 |
942.9 |
951.3 |
|
Change in stock |
-14.4 |
14.5 |
-43.0 |
|
Subsidies for operating costs |
0.0 |
- |
- |
|
Supplementary operating income |
10.3 |
14.5 |
3.9 |
|
Other operating income |
0.6 |
0.2 |
0.1 |
|
Other external charges |
264.1 |
218.0 |
236.0 |
|
Cost of goods sold |
778.3 |
631.8 |
683.2 |
|
Taxes and social security costs |
6.9 |
5.7 |
5.6 |
|
Social charges |
23.4 |
20.8 |
18.9 |
|
Total payroll costs |
45.9 |
42.0 |
38.0 |
|
Cost of stock depreciation and amortisation |
9.1 |
13.9 |
7.2 |
|
Fixed asset depreciation and amortisation |
4.6 |
8.3 |
7.5 |
|
Other operating costs |
2.8 |
2.2 |
1.8 |
|
Total operating costs |
1,120.8 |
957.2 |
955.3 |
|
Net operating income |
-7.1 |
0.4 |
0.0 |
|
Total financial income |
2.2 |
2.8 |
3.0 |
|
Interest payable on loans |
1.0 |
0.8 |
1.1 |
|
Other expenses |
0.9 |
2.8 |
1.4 |
|
Total expenses |
1.9 |
3.6 |
2.5 |
|
Profit before tax |
-6.8 |
-0.4 |
0.5 |
|
Extraordinary income |
22.8 |
0.1 |
0.2 |
|
Extraordinary expenses |
18.9 |
0.1 |
0.2 |
|
Extraordinary result |
3.9 |
0.0 |
0.0 |
|
Total taxation |
-3.4 |
-0.7 |
0.4 |
|
Profit distributed to employees |
- |
- |
0.0 |
|
Net profit |
0.6 |
0.2 |
0.2 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2009 |
31-Dec-2008 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.696986 |
0.719399 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Issued capital |
0.1 |
0.1 |
0.1 |
|
Total reserves |
6.3 |
7.0 |
6.7 |
|
Profits for the year |
0.5 |
0.2 |
0.2 |
|
Profit brought forward from previous year(s) |
4.1 |
3.6 |
3.3 |
|
Total stockholders equity |
11.0 |
10.9 |
10.3 |
|
Provisions and allowances |
6.0 |
4.7 |
7.9 |
|
Trade creditors |
588.8 |
493.6 |
672.0 |
|
Bank loans and overdrafts |
- |
91.2 |
46.4 |
|
Current bank debts |
- |
- |
37.2 |
|
Other loans |
49.0 |
- |
- |
|
Other liabilities |
51.4 |
40.4 |
68.7 |
|
Debts on fixed assets |
- |
0.8 |
2.3 |
|
Income stated in advance |
0.2 |
0.1 |
- |
|
Taxation and social security |
80.4 |
75.3 |
91.8 |
|
Total current liabilities |
769.8 |
- |
873.4 |
|
Total debts |
769.8 |
701.5 |
881.1 |
|
Regularisation account |
0.1 |
0.3 |
0.2 |
|
Total liabilities (including net worth) |
786.9 |
717.4 |
899.5 |
|
Non-issued capital |
- |
0.0 |
0.0 |
|
Patents |
- |
12.3 |
2.1 |
|
Other intangibles |
5.3 |
- |
11.0 |
|
Land |
0.8 |
0.9 |
- |
|
Buildings |
10.8 |
19.9 |
6.8 |
|
Other fixed assets |
2.9 |
7.0 |
11.3 |
|
Long-term investments |
1.6 |
0.3 |
0.2 |
|
Other financial assets |
1.3 |
1.5 |
1.5 |
|
Total non-current assets |
22.8 |
41.9 |
32.8 |
|
Net stocks and work in progress |
121.2 |
100.0 |
113.5 |
|
Trade debtors |
472.3 |
463.8 |
579.8 |
|
Other receivables |
139.2 |
60.0 |
85.4 |
|
Prepaid expenses |
3.0 |
5.7 |
5.5 |
|
Cash and liquid assets |
27.4 |
45.6 |
81.3 |
|
Total current assets |
763.2 |
675.1 |
865.4 |
|
Prepaid expenses and deferred costs |
0.9 |
0.4 |
1.3 |
|
Total assets |
786.9 |
717.4 |
899.5 |
|
Annual Ratios |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.696986 |
0.719399 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Current ratio |
1.00 |
- |
1.00 |
|
Quick ratio |
0.80 |
- |
0.90 |
|
Total liabilities to net worth |
157.59% |
-409.50% |
-217.64% |
|
Net worth to total assets |
0.01% |
0.00% |
-0.01% |
|
Collection period |
139.30 |
144.70 |
194.70 |
|
Stock turnover rate |
8.50 |
9.70 |
8.00 |
|
Asset turnover |
1.31% |
1.36% |
1.01% |
|
Profit margin |
-0.01% |
- |
0.00% |
|
Return on assets |
-0.01% |
0.00% |
0.00% |
|
Shareholders' return |
-1.30% |
- |
-0.13% |
|
Sales per employee |
7,918.68 |
- |
6,804.52 |
|
Profit per employee |
-48.69 |
- |
3.92 |
|
Average wage per employee |
329.77 |
- |
271.89 |
|
Net worth |
11.0 |
10.9 |
10.3 |
|
Number of employees |
657 |
- |
627 |
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
-
The area of study of family owned diamond businesses derives its importance
from the huge conglomerate of family run organizations which operate in the
diamond industry since many generations.
-
Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
-
Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused strategies,
modern management and technology.
-
Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
-
Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
-
The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.03 |
|
|
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.